Ramaco Resources (NASDAQ:METC) Stock Price Down 4.9% – Here’s Why

Ramaco Resources, Inc. (NASDAQ:METC)’s stock price traded down 4.9% on Monday . The stock traded as low as $13.97 and last traded at $13.89. 632,737 shares changed hands during trading, a decline of 77% from the average session volume of 2,720,159 shares. The stock had previously closed at $14.60.

Analysts Set New Price Targets

A number of research firms recently weighed in on METC. Robert W. Baird dropped their price target on Ramaco Resources from $40.00 to $30.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. The Goldman Sachs Group reduced their target price on Ramaco Resources from $16.00 to $14.00 and set a “sell” rating on the stock in a report on Monday, March 2nd. 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. Weiss Ratings reiterated a “sell (d+)” rating on shares of Ramaco Resources in a research report on Monday, December 29th. Finally, Morgan Stanley started coverage on Ramaco Resources in a research report on Friday, December 5th. They issued an “equal weight” rating and a $17.50 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $31.93.

Ramaco Resources Price Performance

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 firm has a market capitalization of $809.13 million, a PE ratio of -14.63 and a beta of 1.41. The business has a 50-day moving average of $18.57 and a 200 day moving average of $23.59.

Ramaco Resources (NASDAQ:METC) last issued its quarterly earnings data on Wednesday, February 25th. The energy company reported ($0.22) earnings per share (EPS) 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 business had revenue of $108.72 million during the quarter, compared to the consensus estimate of $143.48 million. During the same period in the prior year, the firm posted $0.02 EPS. The firm’s quarterly revenue was down 25.1% compared to the same quarter last year. As a group, research analysts anticipate that Ramaco Resources, Inc. will post 0.05 EPS for the current fiscal year.

Ramaco Resources announced that its Board of Directors has approved a share buyback plan on Tuesday, December 23rd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the energy company to repurchase up to 9.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of METC. Caitong International Asset Management Co. Ltd increased its position in shares of Ramaco Resources by 78,508.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 9,433 shares of the energy company’s stock valued at $170,000 after purchasing an additional 9,421 shares during the last quarter. MidFirst Bank purchased a new position in shares of Ramaco Resources in the 4th quarter worth about $54,000. XTX Topco Ltd bought a new position in Ramaco Resources during the fourth quarter valued at about $682,000. VARCOV Co. purchased a new stake in Ramaco Resources during the fourth quarter worth about $1,048,000. Finally, Voloridge Investment Management LLC bought a new stake in Ramaco Resources in the fourth quarter worth about $2,639,000. Hedge funds and other institutional investors own 74.49% of the company’s stock.

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.