Ramaco Resources (NASDAQ:METC) Announces Quarterly Earnings Results

Ramaco Resources (NASDAQ:METC) posted its quarterly earnings data on Wednesday. The energy company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.02, FiscalAI reports. Ramaco Resources had a negative net margin of 5.67% and a negative return on equity of 8.26%. The company had revenue of $108.72 million during the quarter, compared to analyst estimates of $143.48 million. During the same quarter last year, the firm posted $0.02 EPS. The business’s revenue for the quarter was down 25.1% on a year-over-year basis.

Ramaco Resources Stock Down 12.8%

Shares of NASDAQ METC traded down $2.26 during mid-day trading on Thursday, reaching $15.40. The company had a trading volume of 1,491,966 shares, compared to its average volume of 2,891,861. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.24 and a current ratio of 2.97. Ramaco Resources has a twelve month low of $6.30 and a twelve month high of $57.80. The stock’s 50 day moving average is $19.09 and its 200-day moving average is $24.33. The stock has a market capitalization of $1.02 billion, a PE ratio of -23.02 and a beta of 1.44.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Morgan Stanley initiated coverage on shares of Ramaco Resources in a research report on Friday, December 5th. They issued an “equal weight” rating and a $17.50 price target on the stock. Benchmark raised their price objective on Ramaco Resources from $24.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Zacks Research lowered Ramaco Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 3rd. Jefferies Financial Group raised Ramaco Resources from a “hold” rating to a “buy” rating and reduced their target price for the company from $33.00 to $30.00 in a report on Tuesday, January 20th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Ramaco Resources in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Ramaco Resources presently has an average rating of “Hold” and an average price target of $34.07.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quarry LP acquired a new stake in shares of Ramaco Resources in the fourth quarter valued at about $27,000. Caitong International Asset Management Co. Ltd increased its holdings in Ramaco Resources by 14,250.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,722 shares of the energy company’s stock valued at $31,000 after buying an additional 1,710 shares during the period. Allworth Financial LP raised its stake in shares of Ramaco Resources by 3,603.6% in the 3rd quarter. Allworth Financial LP now owns 1,037 shares of the energy company’s stock valued at $34,000 after buying an additional 1,009 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Ramaco Resources during the 3rd quarter worth about $38,000. Finally, Russell Investments Group Ltd. boosted its position in shares of Ramaco Resources by 51.4% during the 4th quarter. Russell Investments Group Ltd. now owns 3,917 shares of the energy company’s stock valued at $71,000 after acquiring an additional 1,330 shares in the last quarter. Institutional investors and hedge funds own 74.49% of the company’s stock.

Ramaco Resources declared that its board has approved a stock repurchase plan on Tuesday, December 23rd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the energy company to purchase up to 9.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

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.