CenterBook Partners LP Reduces Holdings in Ramaco Resources, Inc. $METC

CenterBook Partners LP decreased its position in shares of Ramaco Resources, Inc. (NASDAQ:METC) by 64.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 108,864 shares of the energy company’s stock after selling 196,174 shares during the quarter. CenterBook Partners LP’s holdings in Ramaco Resources were worth $3,613,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Archer Investment Corp bought a new position in Ramaco Resources during the third quarter worth about $33,000. MCF Advisors LLC bought a new stake in shares of Ramaco Resources in the third quarter valued at approximately $35,000. Ameritas Investment Partners Inc. lifted its stake in shares of Ramaco Resources by 63.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,632 shares of the energy company’s stock valued at $48,000 after buying an additional 1,416 shares in the last quarter. SG Americas Securities LLC bought a new position in Ramaco Resources in the 3rd quarter worth approximately $134,000. Finally, Global Retirement Partners LLC grew its stake in Ramaco Resources by 112.5% in the 3rd quarter. Global Retirement Partners LLC now owns 4,250 shares of the energy company’s stock valued at $141,000 after buying an additional 2,250 shares in the last quarter. 74.49% of the stock is currently owned by institutional investors.

Ramaco Resources Price Performance

Shares of NASDAQ METC opened at $16.26 on Thursday. The stock’s 50-day simple moving average is $18.88 and its two-hundred day simple moving average is $24.50. Ramaco Resources, Inc. has a twelve month low of $6.30 and a twelve month high of $57.80. The firm has a market capitalization of $1.07 billion, a P/E ratio of -24.27 and a beta of 1.44. The company has a quick ratio of 2.24, a current ratio of 2.97 and a debt-to-equity ratio of 0.24.

Ramaco Resources declared that its board has approved a share buyback program on Tuesday, December 23rd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the energy company to buy up to 9.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have issued reports on METC shares. The Goldman Sachs Group assumed coverage on Ramaco Resources in a research report on Wednesday, November 19th. They set a “sell” rating and a $16.00 target price on the stock. Northland Securities set a $44.00 price objective on Ramaco Resources in a research note on Wednesday, October 29th. Robert W. Baird set a $43.00 target price on Ramaco Resources in a research note on Wednesday, October 29th. Jefferies Financial Group upgraded Ramaco Resources from a “hold” rating to a “buy” rating and decreased their price target for the company from $33.00 to $30.00 in a research report on Tuesday, January 20th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Ramaco Resources in a report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $34.07.

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.