Ramaco Resources (NASDAQ:METC) Trading Up 9.6% – Time to Buy?

Shares of Ramaco Resources, Inc. (NASDAQ:METC) traded up 9.6% on Friday . The company traded as high as $15.33 and last traded at $15.3120. 613,165 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 2,618,342 shares. The stock had previously closed at $13.97.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on METC shares. The Goldman Sachs Group lowered their price target on Ramaco Resources from $16.00 to $14.00 and set a “sell” rating for the company in a report on Monday, March 2nd. Morgan Stanley started coverage on Ramaco Resources in a research note on Friday, December 5th. They issued an “equal weight” rating and a $17.50 price objective on the stock. Zacks Research cut Ramaco Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Ramaco Resources in a research note on Monday, December 29th. Finally, Jefferies Financial Group raised shares of Ramaco Resources from a “hold” rating to a “buy” rating and dropped their target price for the stock from $33.00 to $30.00 in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $31.93.

Ramaco Resources Stock Performance

The company’s 50-day simple moving average is $17.35 and its 200-day simple moving average is $22.90. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -15.62 and a beta of 1.41. The company has a current ratio of 5.46, a quick ratio of 4.66 and a debt-to-equity ratio of 0.95.

Ramaco Resources (NASDAQ:METC) last issued its quarterly earnings results on Wednesday, February 25th. The energy company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. The company had revenue of $108.72 million for the quarter, compared to analyst estimates of $143.48 million. Ramaco Resources had a negative net margin of 9.59% and a negative return on equity of 12.01%. Ramaco Resources’s revenue was down 25.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.02 earnings per share. On average, analysts expect that Ramaco Resources, Inc. will post 0.05 EPS for the current year.

Ramaco Resources declared that its board has approved a share buyback program on Tuesday, December 23rd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the energy company to purchase up to 9.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its stake in shares of Ramaco Resources by 78,508.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 9,433 shares of the energy company’s stock valued at $170,000 after purchasing an additional 9,421 shares during the last quarter. MidFirst Bank bought a new stake in Ramaco Resources during the fourth quarter valued at $54,000. XTX Topco Ltd bought a new stake in Ramaco Resources during the fourth quarter valued at $682,000. VARCOV Co. acquired a new stake in Ramaco Resources during the 4th quarter worth about $1,048,000. Finally, Voloridge Investment Management LLC bought a new position in shares of Ramaco Resources in the 4th quarter worth about $2,639,000. Institutional investors own 74.49% of the company’s stock.

Ramaco Resources Company Profile

Ramaco Resources, Inc (NASDAQ:METC) is a U.S.-based producer of premium metallurgical coal and industrial minerals, focused on supplying the steel and allied industries. The company’s operations are centered in the Appalachian region of West Virginia, where it develops, mines and processes high-carbon coal products designed to meet the quality requirements of blast‐furnace and electric‐arc furnace steelmakers.

The firm’s flagship asset is the Elk Creek underground mine in Wyoming County, West Virginia, which began commercial production in 2019 and delivers a range of high‐grade metallurgical and anthracite coals.