Ramaco Resources (NASDAQ:METC) Sets New 52-Week Low – Here’s Why

Ramaco Resources, Inc. (NASDAQ:METC)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $11.55 and last traded at $11.4950, with a volume of 640906 shares trading hands. The stock had previously closed at $12.44.

Analysts Set New Price Targets

METC has been the topic of a number of analyst reports. B. Riley Financial cut their target price on Ramaco Resources from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Wednesday, May 13th. Morgan Stanley dropped their price objective on Ramaco Resources from $17.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday. Zacks Research upgraded Ramaco Resources from a “strong sell” rating to a “hold” rating in a report on Friday, April 10th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ramaco Resources in a research report on Thursday, June 18th. Finally, Robert W. Baird reduced their target price on Ramaco Resources from $30.00 to $25.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.71.

Ramaco Resources Price Performance

The firm has a market capitalization of $797.15 million, a PE ratio of -11.12 and a beta of 1.35. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.93 and a current ratio of 4.88. The stock has a fifty day moving average price of $14.41 and a 200-day moving average price of $16.09.

Ramaco Resources (NASDAQ:METC) last issued its quarterly earnings data on Monday, May 11th. The energy company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.08). The company had revenue of $101.41 million for the quarter, compared to analysts’ expectations of $129.72 million. Ramaco Resources had a negative return on equity of 13.44% and a negative net margin of 11.52%.The company’s revenue for the quarter was down 9.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.20) earnings per share. Sell-side analysts forecast that Ramaco Resources, Inc. will post -0.27 EPS for the current fiscal year.

Insider Buying and Selling at Ramaco Resources

In other news, major shareholder Discovery Capital Management, sold 200,000 shares of Ramaco Resources stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $14.79, for a total value of $2,958,000.00. Following the transaction, the insider owned 5,311,360 shares of the company’s stock, valued at $78,555,014.40. The trade was a 3.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 46.07% of the company’s stock.

Hedge Funds Weigh In On Ramaco Resources

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bridgeway Capital Management LLC lifted its holdings in shares of Ramaco Resources by 0.4% during the 3rd quarter. Bridgeway Capital Management LLC now owns 122,998 shares of the energy company’s stock valued at $4,082,000 after purchasing an additional 536 shares during the last quarter. Allworth Financial LP increased its position in Ramaco Resources by 3,603.6% during the 3rd quarter. Allworth Financial LP now owns 1,037 shares of the energy company’s stock valued at $34,000 after buying an additional 1,009 shares in the last quarter. Advisory Services Network LLC acquired a new position in Ramaco Resources during the 3rd quarter valued at about $38,000. Police & Firemen s Retirement System of New Jersey raised its stake in Ramaco Resources by 16.0% in the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 9,549 shares of the energy company’s stock valued at $172,000 after buying an additional 1,317 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Ramaco Resources by 51.4% in the fourth quarter. Russell Investments Group Ltd. now owns 3,917 shares of the energy company’s stock valued at $71,000 after buying an additional 1,330 shares during the last quarter. 74.49% of the stock is owned by hedge funds and other institutional investors.

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.