Wedge Capital Management L L P NC Cuts Stake in Ramaco Resources, Inc. $METC

Wedge Capital Management L L P NC lessened its holdings in Ramaco Resources, Inc. (NASDAQ:METC) by 66.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,892 shares of the energy company’s stock after selling 60,252 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Ramaco Resources were worth $556,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its holdings in shares of Ramaco Resources by 27.0% in the first quarter. Goldman Sachs Group Inc. now owns 274,545 shares of the energy company’s stock worth $2,260,000 after buying an additional 58,304 shares during the period. Empowered Funds LLC grew its position in Ramaco Resources by 1.8% during the 1st quarter. Empowered Funds LLC now owns 123,110 shares of the energy company’s stock worth $1,013,000 after acquiring an additional 2,223 shares during the last quarter. Geode Capital Management LLC increased its stake in Ramaco Resources by 25.0% in the 2nd quarter. Geode Capital Management LLC now owns 687,343 shares of the energy company’s stock worth $9,033,000 after purchasing an additional 137,635 shares during the period. Intech Investment Management LLC lifted its position in Ramaco Resources by 20.1% in the second quarter. Intech Investment Management LLC now owns 21,071 shares of the energy company’s stock valued at $277,000 after purchasing an additional 3,533 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in Ramaco Resources by 40.1% in the second quarter. Rhumbline Advisers now owns 49,605 shares of the energy company’s stock valued at $652,000 after purchasing an additional 14,199 shares during the last quarter. 74.49% of the stock is owned by institutional investors.

Ramaco Resources Price Performance

METC opened at $15.46 on Wednesday. The stock has a fifty day simple moving average of $16.98 and a two-hundred day simple moving average of $22.65. The company has a current ratio of 5.46, a quick ratio of 4.66 and a debt-to-equity ratio of 0.95. The company has a market cap of $1.04 billion, a price-to-earnings ratio of -15.62 and a beta of 1.41. Ramaco Resources, Inc. has a 12-month low of $6.30 and a 12-month high of $57.80.

Ramaco Resources (NASDAQ:METC) last released its earnings results on Wednesday, February 25th. The energy company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $108.72 million for the quarter, compared to the consensus estimate of $143.48 million. During the same period in the prior year, the firm earned $0.02 EPS. The company’s revenue was down 25.1% compared to the same quarter last year. Research analysts predict that Ramaco Resources, Inc. will post 0.05 earnings per share for the current fiscal year.

Ramaco Resources announced that its board has authorized a stock repurchase 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 reacquire up to 9.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have recently issued reports on METC. Robert W. Baird cut their target price on shares of Ramaco Resources from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Friday, February 27th. Morgan Stanley initiated coverage on shares of Ramaco Resources in a research report on Friday, December 5th. They set an “equal weight” rating and a $17.50 price target for the company. The Goldman Sachs Group cut their price target on shares of Ramaco Resources from $16.00 to $14.00 and set a “sell” rating on the stock in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ramaco Resources in a research note on Monday, December 29th. Finally, Jefferies Financial Group upgraded 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 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. Based on data from MarketBeat.com, Ramaco Resources presently has an average rating of “Hold” and an average price target of $31.93.

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.