Ramaco Resources, Inc. (NASDAQ:METC) Receives $34.07 Average Price Target from Analysts

Ramaco Resources, Inc. (NASDAQ:METC) has received a consensus rating of “Hold” from the nine analysts that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, three have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $34.0714.

Several research firms have commented on METC. Morgan Stanley assumed coverage on Ramaco Resources in a research note on Friday, December 5th. They issued an “equal weight” rating and a $17.50 target price on the stock. Benchmark raised their price target on shares of Ramaco Resources from $24.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Robert W. Baird set a $43.00 price objective on Ramaco Resources in a report on Wednesday, October 29th. Zacks Research lowered Ramaco Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Ramaco Resources in a research report on Monday, December 29th.

Institutional Investors Weigh In On Ramaco Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Ramaco Resources by 40.0% in the third quarter. Vanguard Group Inc. now owns 2,335,257 shares of the energy company’s stock valued at $77,507,000 after acquiring an additional 667,199 shares during the period. Goldman Sachs Group Inc. increased its position in Ramaco Resources by 74.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,160,898 shares of the energy company’s stock worth $20,896,000 after acquiring an additional 496,150 shares during the period. American Century Companies Inc. raised its stake in Ramaco Resources by 8.4% in the 2nd quarter. American Century Companies Inc. now owns 1,028,186 shares of the energy company’s stock worth $13,510,000 after purchasing an additional 79,858 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Ramaco Resources by 20.1% in the 4th quarter. Geode Capital Management LLC now owns 978,950 shares of the energy company’s stock valued at $17,625,000 after purchasing an additional 163,971 shares during the period. Finally, Millennium Management LLC acquired a new position in shares of Ramaco Resources during the 3rd quarter worth approximately $23,451,000. Institutional investors and hedge funds own 74.49% of the company’s stock.

Ramaco Resources Price Performance

METC stock opened at $17.19 on Thursday. The stock has a 50-day moving average price of $18.94 and a two-hundred day moving average price of $24.64. Ramaco Resources has a 1 year low of $6.30 and a 1 year high of $57.80. The stock has a market cap of $1.13 billion, a PE ratio of -25.66 and a beta of 1.44. The company has a current ratio of 2.97, a quick ratio of 2.24 and a debt-to-equity ratio of 0.24.

Ramaco Resources announced that its board has approved a stock repurchase plan on Tuesday, December 23rd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the energy company to reacquire up to 9.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

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.