Ramaco Resources (NASDAQ:METC) Stock Jumps 6% – Here’s Why

Ramaco Resources, Inc. (NASDAQ:METC)’s stock price rose 6% during mid-day trading on Thursday. The stock traded as high as $8.68 and last traded at $8.7250. Approximately 1,335,017 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 2,065,691 shares. The stock had previously closed at $8.23.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on METC. Morgan Stanley lowered their price objective on shares of Ramaco Resources from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 18th. The Goldman Sachs Group reduced their target price on shares of Ramaco Resources from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, August 6th. Robert W. Baird reiterated a “neutral” rating and issued a $13.00 price target on shares of Ramaco Resources in a research report on Tuesday, August 18th. Zacks Research cut shares of Ramaco Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. Finally, Benchmark dropped their price target on shares of Ramaco Resources from $38.00 to $26.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $22.43.

Ramaco Resources Price Performance

The firm has a 50 day moving average of $10.72 and a 200-day moving average of $12.80. The company has a current ratio of 4.23, a quick ratio of 3.31 and a debt-to-equity ratio of 1.23. The company has a market cap of $550.61 million, a P/E ratio of -8.06 and a beta of 1.64.

Ramaco Resources (NASDAQ:METC) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported ($0.26) earnings per share for the quarter, hitting the consensus estimate of ($0.26). Ramaco Resources had a negative return on equity of 13.54% and a negative net margin of 11.98%.The business had revenue of $122.32 million during the quarter, compared to the consensus estimate of $133.11 million. On average, equities research analysts predict that Ramaco Resources, Inc. will post -1.02 EPS for the current year.

Insider Buying and Selling at Ramaco Resources

In related news, major shareholder Discovery Capital Management, sold 500,000 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $9.57, for a total transaction of $4,785,000.00. Following the completion of the transaction, the insider directly owned 4,811,360 shares of the company’s stock, valued at approximately $46,044,715.20. This trade represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 46.07% of the company’s stock.

Institutional Trading of Ramaco Resources

Several hedge funds have recently bought and sold shares of METC. State Street Corp boosted its holdings in shares of Ramaco Resources by 6.7% during the 2nd quarter. State Street Corp now owns 3,059,847 shares of the energy company’s stock valued at $40,482,000 after purchasing an additional 192,663 shares during the last quarter. Gratia Capital LLC bought a new stake in shares of Ramaco Resources in the second quarter worth about $1,826,000. AlphaGrep UK Ltd lifted its position in shares of Ramaco Resources by 19.5% in the second quarter. AlphaGrep UK Ltd now owns 18,620 shares of the energy company’s stock worth $246,000 after buying an additional 3,044 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Ramaco Resources by 8.4% in the second quarter. Van ECK Associates Corp now owns 38,894 shares of the energy company’s stock worth $515,000 after buying an additional 3,028 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its stake in Ramaco Resources by 134.7% during the second quarter. Hsbc Holdings PLC now owns 29,899 shares of the energy company’s stock valued at $388,000 after buying an additional 17,158 shares during the last quarter. Hedge funds and other institutional investors own 74.49% of the company’s stock.

Ramaco Resources Company Profile

Ramaco Resources, Inc is a producer of metallurgical coal, which is used primarily in the manufacture of steel and metallurgical coke. The company develops and operates coal mining properties and sells its products to domestic and international steel, coke and industrial customers.

Ramaco’s operations and development properties are located in major U.S. coal-producing regions, including southern West Virginia, southwestern Virginia and Wyoming. Its portfolio has included the Elk Creek and Berwind mining complexes in West Virginia, the RAM No.