Ramaco Resources (NASDAQ:METC) Trading 6.2% Higher – Here’s What Happened

Shares of Ramaco Resources, Inc. (NASDAQ:METC) rose 6.2% during trading on Tuesday . The stock traded as high as $15.78 and last traded at $16.1050. Approximately 740,235 shares changed hands during trading, a decline of 67% from the average daily volume of 2,236,802 shares. The stock had previously closed at $15.17.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on METC. The Goldman Sachs Group upgraded shares of Ramaco Resources from a “sell” rating to a “neutral” rating and upped their target price for the company from $14.00 to $15.00 in a research report on Tuesday, April 21st. Robert W. Baird lowered their price objective on Ramaco Resources from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Friday, February 27th. Jefferies Financial Group upgraded 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. Morgan Stanley decreased their price target on Ramaco Resources from $17.50 to $17.00 and set an “equal weight” rating on the stock in a report on Thursday, April 9th. Finally, Zacks Research upgraded Ramaco Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Ramaco Resources has an average rating of “Moderate Buy” and a consensus target price of $32.00.

Ramaco Resources Stock Up 5.2%

The company has a 50-day simple moving average of $14.58 and a 200-day simple moving average of $18.19. The firm has a market cap of $1.07 billion, a PE ratio of -16.12 and a beta of 1.31. The company has a debt-to-equity ratio of 0.95, a current ratio of 5.46 and a quick ratio of 4.66.

Ramaco Resources (NASDAQ:METC) last issued its quarterly earnings results on Monday, May 11th. The energy company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.08). Ramaco Resources had a negative return on equity of 12.01% and a negative net margin of 9.59%.The business had revenue of $101.41 million during the quarter, compared to analysts’ expectations of $129.72 million. During the same quarter in the previous year, the company posted ($0.20) earnings per share. The company’s quarterly revenue was down 9.7% compared to the same quarter last year. Analysts expect that Ramaco Resources, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Ramaco Resources

In other news, major shareholder Discovery Capital Management, sold 200,000 shares of Ramaco Resources stock in a transaction on Friday, May 1st. The stock was sold at an average price of $14.79, for a total transaction of $2,958,000.00. Following the completion of the sale, the insider directly owned 5,311,360 shares in the company, valued at approximately $78,555,014.40. This trade represents a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 36.20% of the company’s stock.

Institutional Investors Weigh In On Ramaco Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in METC. Lunt Capital Management Inc. increased its position in shares of Ramaco Resources by 801.3% during the fourth quarter. Lunt Capital Management Inc. now owns 557,899 shares of the energy company’s stock worth $10,042,000 after acquiring an additional 495,999 shares during the period. Vanguard Group Inc. grew its stake 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 in the last quarter. Ghisallo Capital Management LLC purchased a new position in Ramaco Resources during the 3rd quarter worth $9,957,000. Benjamin Edwards Inc. bought a new stake in Ramaco Resources during the 3rd quarter valued at $899,000. Finally, Cinctive Capital Management LP purchased a new stake in shares of Ramaco Resources in the 3rd quarter worth $2,707,000. Institutional investors own 74.49% of the company’s stock.

About Ramaco Resources

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.