Stock Repurchase Program Approved by Ramaco Resources (NASDAQ:METC) Board of Directors

Ramaco Resources (NASDAQ:METC) declared that its Board of Directors has initiated a share buyback plan on Tuesday, December 23rd, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization authorizes the energy company to purchase up to 9.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

METC has been the topic of a number of analyst reports. Northland Capmk raised shares of Ramaco Resources to a “strong-buy” rating in a research note on Wednesday, October 8th. The Goldman Sachs Group began coverage on shares of Ramaco Resources in a report on Wednesday, November 19th. They set a “sell” rating and a $16.00 price target on the stock. Morgan Stanley started coverage on shares of Ramaco Resources in a report on Friday, December 5th. They issued an “equal weight” rating and a $17.50 price objective for the company. Northland Securities set a $44.00 price objective on shares of Ramaco Resources in a research report on Wednesday, October 29th. Finally, B. Riley increased their target price on shares of Ramaco Resources from $14.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Ramaco Resources presently has an average rating of “Hold” and a consensus target price of $34.50.

Ramaco Resources Price Performance

Ramaco Resources stock traded up $1.33 during trading on Tuesday, reaching $16.89. The company had a trading volume of 4,463,910 shares, compared to its average volume of 2,661,804. The firm has a market capitalization of $1.11 billion, a PE ratio of -25.21 and a beta of 1.41. The firm’s 50-day simple moving average is $23.57 and its 200 day simple moving average is $23.32. 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 1-year low of $6.30 and a 1-year high of $57.80.

Ramaco Resources (NASDAQ:METC) last posted its quarterly earnings data on Monday, October 27th. The energy company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $104.87 million for the quarter, compared to the consensus estimate of $137.63 million. During the same period last year, the firm posted ($0.03) earnings per share. The company’s revenue was down 27.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Ramaco Resources will post 0.05 earnings per share for the current fiscal year.

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.