Zacks Research Upgrades Ramaco Resources (NASDAQ:METC) to Hold

Ramaco Resources (NASDAQ:METC) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

METC has been the topic of several other research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Ramaco Resources in a research report on Monday. Northland Capmk raised shares of Ramaco Resources to a “strong-buy” rating in a report on Wednesday, October 8th. Morgan Stanley initiated coverage on shares of Ramaco Resources in a report on Friday, December 5th. They issued an “equal weight” rating and a $17.50 target price for the company. Baird R W upgraded shares of Ramaco Resources to a “strong-buy” rating in a research note on Thursday, October 16th. Finally, Robert W. Baird set a $43.00 price target on shares of Ramaco Resources in a research report on Wednesday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.50.

Ramaco Resources Price Performance

Shares of METC opened at $17.38 on Monday. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -25.94 and a beta of 1.42. The firm’s fifty day simple moving average is $20.72 and its 200-day simple moving average is $23.59. Ramaco Resources has a twelve month low of $6.30 and a twelve month high of $57.80. 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 (NASDAQ:METC) last issued its earnings results on Monday, October 27th. The energy company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.05. Ramaco Resources had a negative net margin of 5.67% and a negative return on equity of 8.26%. The firm had revenue of $104.87 million during the quarter, compared to the consensus estimate of $137.63 million. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. The company’s revenue was down 27.7% compared to the same quarter last year. Equities analysts forecast that Ramaco Resources will post 0.05 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Ramaco Resources

Several institutional investors have recently added to or reduced their stakes in METC. Archer Investment Corp acquired a new stake in Ramaco Resources during the 3rd quarter worth approximately $33,000. Allworth Financial LP lifted its holdings in shares of Ramaco Resources by 3,603.6% during the third quarter. Allworth Financial LP now owns 1,037 shares of the energy company’s stock worth $34,000 after purchasing an additional 1,009 shares during the period. MCF Advisors LLC purchased a new position in Ramaco Resources in the 3rd quarter valued at $35,000. Advisory Services Network LLC purchased a new position in Ramaco Resources in the 3rd quarter valued at $38,000. Finally, Sunbelt Securities Inc. raised its position in Ramaco Resources by 400.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 2,500 shares of the energy company’s stock worth $83,000 after buying an additional 2,000 shares during the last quarter. Institutional investors and hedge funds 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.