Morgan Stanley Cuts Ramaco Resources (NASDAQ:METC) Price Target to $11.00

Ramaco Resources (NASDAQ:METC) had its price target reduced by Morgan Stanley from $13.00 to $11.00 in a report released on Tuesday, MarketBeat.com reports. Morgan Stanley currently has an equal weight rating on the energy company’s stock.

Other equities research analysts have also issued research reports about the stock. B. Riley Financial lowered their price target on shares of Ramaco Resources from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, May 13th. Wall Street Zen upgraded shares of Ramaco Resources from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Zacks Research cut shares of Ramaco Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. Robert W. Baird reissued a “neutral” rating and issued a $13.00 target price on shares of Ramaco Resources in a research note on Tuesday. Finally, The Goldman Sachs Group dropped their price target on shares of Ramaco Resources from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have issued a Hold rating and two have issued 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 $22.43.

Ramaco Resources Stock Performance

METC opened at $11.15 on Tuesday. The stock has a market cap of $706.78 million, a PE ratio of -10.42 and a beta of 1.37. The company has a current ratio of 4.23, a quick ratio of 3.31 and a debt-to-equity ratio of 1.23. Ramaco Resources has a 1 year low of $8.56 and a 1 year high of $57.80. The stock’s 50 day simple moving average is $11.87 and its 200-day simple moving average is $14.09.

Ramaco Resources (NASDAQ:METC) last issued its earnings results on Tuesday, August 4th. The energy company reported ($0.26) EPS for the quarter, meeting analysts’ consensus estimates of ($0.26). The business had revenue of $122.32 million during the quarter, compared to analyst estimates of $133.11 million. Ramaco Resources had a negative return on equity of 13.54% and a negative net margin of 11.98%. Sell-side analysts forecast that Ramaco Resources will post -1.02 EPS for the current year.

Insider Transactions at Ramaco Resources

In other Ramaco Resources news, major shareholder Discovery Capital Management, sold 500,000 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $9.57, for a total transaction of $4,785,000.00. Following the completion of the transaction, the insider directly owned 4,811,360 shares in the company, valued at $46,044,715.20. This represents a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 46.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ramaco Resources

Several institutional investors and hedge funds have recently made changes to their positions in METC. Goldman Sachs Group Inc. grew its holdings in shares of Ramaco Resources by 27.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 274,545 shares of the energy company’s stock worth $2,260,000 after purchasing an additional 58,304 shares during the last quarter. Empowered Funds LLC lifted its holdings in Ramaco Resources by 1.8% during the 1st quarter. Empowered Funds LLC now owns 123,110 shares of the energy company’s stock valued at $1,013,000 after purchasing an additional 2,223 shares during the last quarter. Rhumbline Advisers boosted its position in Ramaco Resources by 40.1% in the second quarter. Rhumbline Advisers now owns 49,605 shares of the energy company’s stock valued at $652,000 after buying an additional 14,199 shares in the last quarter. Hsbc Holdings PLC boosted its position in Ramaco Resources by 91.4% in the second quarter. Hsbc Holdings PLC now owns 27,338 shares of the energy company’s stock valued at $358,000 after buying an additional 13,053 shares in the last quarter. Finally, New York State Common Retirement Fund grew its stake in Ramaco Resources by 144.8% during the second quarter. New York State Common Retirement Fund now owns 32,039 shares of the energy company’s stock worth $421,000 after buying an additional 18,951 shares during the last quarter. 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.