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

Shares of Ramaco Resources, Inc. (NASDAQ:METC) gapped up prior to trading on Wednesday . The stock had previously closed at $9.64, but opened at $10.37. Ramaco Resources shares last traded at $10.23, with a volume of 479,417 shares changing hands.

Wall Street Analyst Weigh In

METC has been the topic of several analyst reports. B. Riley Financial lowered their target price on shares of Ramaco Resources from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. Zacks Research cut Ramaco Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Robert W. Baird lowered their price objective on Ramaco Resources from $30.00 to $25.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Morgan Stanley cut their price objective on Ramaco Resources from $17.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 8th. Finally, The Goldman Sachs Group reduced their target price on Ramaco Resources from $16.00 to $13.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Ramaco Resources currently has an average rating of “Hold” and a consensus target price of $26.43.

Ramaco Resources Stock Performance

The firm has a 50 day moving average of $13.07 and a two-hundred day moving average of $15.07. The stock has a market cap of $596.14 million, a P/E ratio of -8.32 and a beta of 1.37. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.93 and a current ratio of 4.88.

Ramaco Resources (NASDAQ:METC) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported ($0.26) EPS for the quarter, hitting the consensus estimate of ($0.26). Ramaco Resources had a negative return on equity of 13.44% and a negative net margin of 11.52%.The company had revenue of $122.32 million for the quarter, compared to the consensus estimate of $133.11 million. On average, research analysts predict that Ramaco Resources, Inc. will post -0.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Ramaco Resources

Several large investors have recently bought and sold shares of METC. Lunt Capital Management Inc. increased its holdings in shares of Ramaco Resources by 801.3% during the 4th quarter. Lunt Capital Management Inc. now owns 557,899 shares of the energy company’s stock worth $10,042,000 after purchasing an additional 495,999 shares during the period. Texas Yale Capital Corp. lifted its stake in shares of Ramaco Resources by 331.9% in the fourth quarter. Texas Yale Capital Corp. now owns 142,488 shares of the energy company’s stock valued at $2,565,000 after buying an additional 109,500 shares during the period. Tudor Investment Corp ET AL acquired a new stake in Ramaco Resources during the third quarter worth about $2,019,000. Mizuho Markets Americas LLC acquired a new stake in Ramaco Resources during the fourth quarter worth about $2,309,000. Finally, SG Americas Securities LLC increased its stake in Ramaco Resources by 542.6% during the fourth quarter. SG Americas Securities LLC now owns 25,903 shares of the energy company’s stock valued at $466,000 after acquiring an additional 21,872 shares during the period. 74.49% of the stock is currently owned by institutional investors and hedge funds.

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.