Ramaco Resources (NASDAQ:METC) Shares Gap Down – Here’s What Happened

Ramaco Resources, Inc. (NASDAQ:METC) shares gapped down before the market opened on Thursday . The stock had previously closed at $17.66, but opened at $16.25. Ramaco Resources shares last traded at $15.0620, with a volume of 896,438 shares traded.

Wall Street Analyst Weigh In

METC has been the topic of several recent research reports. Zacks Research downgraded shares of Ramaco Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 3rd. Jefferies Financial Group upgraded Ramaco Resources from a “hold” rating to a “buy” rating and reduced their price objective for the company from $33.00 to $30.00 in a research note on Tuesday, January 20th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ramaco Resources in a report on Monday, December 29th. Northland Securities set a $44.00 target price on Ramaco Resources in a research note on Wednesday, October 29th. Finally, Robert W. Baird set a $43.00 price target on Ramaco Resources in a research report on Wednesday, October 29th. Two equities research 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $34.07.

Ramaco Resources Stock Performance

The company has a market capitalization of $993.30 million, a price-to-earnings ratio of -22.56 and a beta of 1.44. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.97 and a quick ratio of 2.24. The stock has a 50 day simple moving average of $19.09 and a two-hundred day simple moving average of $24.33.

Ramaco Resources (NASDAQ:METC) last released its quarterly earnings data on Wednesday, February 25th. The energy company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. The business had revenue of $108.72 million for the quarter, compared to the consensus estimate of $143.48 million. Ramaco Resources had a negative return on equity of 8.26% and a negative net margin of 5.67%.The business’s revenue for the quarter was down 25.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.02 EPS. As a group, analysts anticipate that Ramaco Resources, Inc. will post 0.05 earnings per share for the current year.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Quarry LP acquired a new stake in Ramaco Resources during the 4th quarter worth $27,000. Caitong International Asset Management Co. Ltd increased its position in shares of Ramaco Resources by 14,250.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,722 shares of the energy company’s stock worth $31,000 after purchasing an additional 1,710 shares in the last quarter. Archer Investment Corp purchased a new stake in shares of Ramaco Resources in the 3rd quarter valued at about $33,000. Allworth Financial LP boosted its position 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 purchasing an additional 1,009 shares during the period. Finally, MCF Advisors LLC purchased a new position in Ramaco Resources during the 3rd quarter worth approximately $35,000. 74.49% of the stock is owned by hedge funds and other institutional investors.

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.