Ramaco Resources (NASDAQ:METC) Trading 7.5% Higher – Time to Buy?

Ramaco Resources, Inc. (NASDAQ:METC)’s stock price shot up 7.5% during trading on Tuesday . The company traded as high as $23.23 and last traded at $22.4530. 1,840,239 shares were traded during trading, a decline of 20% from the average session volume of 2,310,066 shares. The stock had previously closed at $20.89.

Analyst Ratings Changes

A number of equities analysts recently weighed in on METC shares. Benchmark upped their target price on shares of Ramaco Resources from $24.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. B. Riley upped their price objective on Ramaco Resources from $14.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Northland Securities set a $44.00 target price on Ramaco Resources in a research note on Wednesday, October 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of Ramaco Resources in a research report on Monday, December 29th. Finally, Zacks Research raised shares of Ramaco Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $34.07.

Ramaco Resources Trading Up 6.8%

The firm has a market capitalization of $1.47 billion, a P/E ratio of -33.30 and a beta of 1.44. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.97 and a quick ratio of 2.24. The business’s 50-day moving average is $18.10 and its 200 day moving average is $24.45.

Ramaco Resources (NASDAQ:METC) last released its earnings results on Monday, October 27th. The energy company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.05. Ramaco Resources had a negative return on equity of 8.26% and a negative net margin of 5.67%.The firm had revenue of $104.87 million during the quarter, compared to the consensus estimate of $137.63 million. During the same period in the prior year, the company posted ($0.03) EPS. The company’s revenue was down 27.7% compared to the same quarter last year. As a group, 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 initiated a share repurchase program on Tuesday, December 23rd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the energy company to purchase up to 9.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Ramaco Resources

Several hedge funds and other institutional investors have recently made changes to their positions in METC. Millennium Management LLC acquired a new stake in shares of Ramaco Resources during the 3rd quarter worth approximately $23,451,000. Vanguard Group Inc. raised its position in Ramaco Resources by 40.0% during the third quarter. Vanguard Group Inc. now owns 2,335,257 shares of the energy company’s stock valued at $77,507,000 after purchasing an additional 667,199 shares in the last quarter. Bamco Inc. NY bought a new stake in Ramaco Resources during the third quarter worth $20,679,000. Merewether Investment Management LP acquired a new stake in shares of Ramaco Resources in the 3rd quarter valued at $18,633,000. Finally, Potrero Capital Research LLC acquired a new stake in shares of Ramaco Resources in the 3rd quarter valued at $11,575,000. 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.