Ramaco Resources (NASDAQ:METC) Trading Down 6.8% – Here’s What Happened

Ramaco Resources, Inc. (NASDAQ:METC) was down 6.8% during mid-day trading on Wednesday . The stock traded as low as $14.12 and last traded at $14.0650. Approximately 891,411 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 2,553,623 shares. The stock had previously closed at $15.09.

Analysts Set New Price Targets

Several equities analysts have issued reports on METC shares. The Goldman Sachs Group decreased their price target on shares of Ramaco Resources from $16.00 to $14.00 and set a “sell” rating for the company in a research report on Monday, March 2nd. Weiss Ratings restated a “sell (d+)” rating on shares of Ramaco Resources in a research report on Monday, December 29th. Robert W. Baird decreased their price target on shares of Ramaco Resources from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. Jefferies Financial Group upgraded shares of Ramaco Resources from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $33.00 to $30.00 in a research report on Tuesday, January 20th. Finally, Zacks Research cut shares of Ramaco Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $31.93.

Ramaco Resources Stock Performance

The company has a debt-to-equity ratio of 0.95, a current ratio of 5.46 and a quick ratio of 4.66. The company’s 50-day moving average price is $16.09 and its two-hundred day moving average price is $22.21. The company has a market capitalization of $953.96 million, a price-to-earnings ratio of -14.38 and a beta of 1.43.

Ramaco Resources (NASDAQ:METC) last posted its quarterly earnings data on Wednesday, February 25th. The energy company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.02. Ramaco Resources had a negative net margin of 9.59% and a negative return on equity of 12.01%. The company had revenue of $108.72 million during the quarter, compared to analysts’ expectations of $143.48 million. During the same period in the prior year, the company posted $0.02 earnings per share. Ramaco Resources’s revenue for the quarter was down 25.1% compared to the same quarter last year. On average, equities research analysts anticipate that Ramaco Resources, Inc. will post 0.05 EPS for the current fiscal year.

Ramaco Resources announced that its board has authorized a stock buyback program on Tuesday, December 23rd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the energy company to repurchase up to 9.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Ramaco Resources

Several large investors have recently modified their holdings of METC. Millennium Management LLC acquired a new stake in Ramaco Resources in the third quarter worth $23,451,000. Vanguard Group Inc. grew its holdings in Ramaco Resources by 40.0% in the third quarter. Vanguard Group Inc. now owns 2,335,257 shares of the energy company’s stock worth $77,507,000 after purchasing an additional 667,199 shares during the period. Bamco Inc. NY acquired a new stake in Ramaco Resources in the third quarter worth $20,679,000. Merewether Investment Management LP acquired a new stake in Ramaco Resources in the third quarter worth $18,633,000. Finally, Goldman Sachs Group Inc. grew its holdings in Ramaco Resources by 74.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,160,898 shares of the energy company’s stock worth $20,896,000 after purchasing an additional 496,150 shares during the period. 74.49% of the stock is currently owned by institutional investors and hedge funds.

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.