Ramaco Resources (NASDAQ:METC) Raised to “Hold” at Zacks Research

Ramaco Resources (NASDAQ:METC) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Robert W. Baird set a $43.00 price target on shares of Ramaco Resources in a research note on Wednesday, October 29th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ramaco Resources in a report on Monday. Northland Securities set a $44.00 target price on Ramaco Resources in a research report on Wednesday, October 29th. B. Riley upped their target price on Ramaco Resources from $14.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, Benchmark raised their price target on Ramaco Resources from $24.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $34.50.

Ramaco Resources Price Performance

Shares of NASDAQ METC opened at $17.38 on Monday. The stock’s 50-day simple moving average is $20.72 and its 200-day simple moving average is $23.59. The firm has a market capitalization of $1.15 billion, a PE ratio of -25.94 and a beta of 1.42. Ramaco Resources has a fifty-two week low of $6.30 and a fifty-two week high of $57.80. 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 (NASDAQ:METC) last announced its quarterly earnings results on Monday, October 27th. The energy company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.05. The company had revenue of $104.87 million for the quarter, compared to analyst estimates of $137.63 million. Ramaco Resources had a negative net margin of 5.67% and a negative return on equity of 8.26%. The firm’s revenue was down 27.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.03) earnings per share. As a group, equities research analysts forecast that Ramaco Resources will post 0.05 EPS for the current fiscal year.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of METC. Vanguard Group Inc. raised its stake in shares of Ramaco Resources by 40.0% during the third quarter. Vanguard Group Inc. now owns 2,335,257 shares of the energy company’s stock worth $77,507,000 after purchasing an additional 667,199 shares during the last quarter. Encompass Capital Advisors LLC acquired a new position in Ramaco Resources in the 1st quarter valued at $13,248,000. American Century Companies Inc. raised its position in Ramaco Resources by 8.4% during the 2nd quarter. American Century Companies Inc. now owns 1,028,186 shares of the energy company’s stock worth $13,510,000 after buying an additional 79,858 shares during the last quarter. Millennium Management LLC purchased a new position in Ramaco Resources during the 3rd quarter worth $23,451,000. Finally, Geode Capital Management LLC lifted its stake in shares of Ramaco Resources by 25.0% in the 2nd quarter. Geode Capital Management LLC now owns 687,343 shares of the energy company’s stock worth $9,033,000 after acquiring an additional 137,635 shares during the period. Institutional investors and hedge funds own 74.49% of the company’s stock.

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.