Ramaco Resources, Inc. (NASDAQ:METC – Get Free Report)’s share price fell 7.5% during mid-day trading on Wednesday . The company traded as low as $13.80 and last traded at $13.6960. 944,795 shares were traded during trading, a decline of 56% from the average session volume of 2,139,815 shares. The stock had previously closed at $14.80.
Analyst Ratings Changes
A number of research firms have recently issued reports on METC. Zacks Research raised shares of Ramaco Resources from a “strong sell” rating to a “hold” rating in a report on Friday, April 10th. Morgan Stanley cut their price objective on shares of Ramaco Resources from $17.50 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, April 9th. The Goldman Sachs Group upgraded shares of Ramaco Resources from a “sell” rating to a “neutral” rating and increased their price objective for the company from $14.00 to $15.00 in a report on Tuesday, April 21st. Robert W. Baird cut their price objective on shares of Ramaco Resources from $30.00 to $25.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, B. Riley Financial cut their price objective on shares of Ramaco Resources from $24.00 to $22.00 and set a “buy” rating for the company in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and one has given 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 price target of $27.29.
Read Our Latest Stock Analysis on METC
Ramaco Resources Stock Performance
Ramaco Resources (NASDAQ:METC – Get Free Report) last posted its earnings results on Monday, May 11th. The energy company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.08). The company had revenue of $101.41 million during the quarter, compared to analyst estimates of $129.72 million. Ramaco Resources had a negative net margin of 11.52% and a negative return on equity of 13.44%. The company’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.20) EPS. On average, research analysts forecast that Ramaco Resources, Inc. will post -0.23 earnings per share for the current year.
Insider Buying and Selling at Ramaco Resources
In related news, major shareholder Discovery Capital Management, sold 200,000 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $14.79, for a total transaction of $2,958,000.00. Following the completion of the transaction, the insider owned 5,311,360 shares of the company’s stock, valued at approximately $78,555,014.40. This trade represents a 3.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 46.07% of the company’s stock.
Hedge Funds Weigh In On Ramaco Resources
A number of hedge funds have recently made changes to their positions in METC. Quarry LP purchased a new position in shares of Ramaco Resources during the 4th quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Ramaco Resources by 14,250.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,722 shares of the energy company’s stock worth $31,000 after purchasing an additional 1,710 shares during the period. Allworth Financial LP boosted its position in Ramaco Resources by 3,603.6% in 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 during the period. Spirit of America Management Corp NY purchased a new position in Ramaco Resources in the 4th quarter valued at approximately $38,000. Finally, Advisory Services Network LLC purchased a new position in Ramaco Resources in the 3rd quarter valued at approximately $38,000. Hedge funds and other institutional investors own 74.49% of the company’s stock.
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.
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