Ramaco Resources, Inc. (NASDAQ:METC – Get Free Report) shares were down 6.4% on Monday . The company traded as low as $11.32 and last traded at $11.4660. Approximately 260,387 shares traded hands during trading, a decline of 87% from the average session volume of 2,047,048 shares. The stock had previously closed at $12.25.
Wall Street Analyst Weigh In
METC has been the topic of a number of research reports. Weiss Ratings lowered shares of Ramaco Resources from a “sell (d)” rating to a “sell (d-)” rating in a research note on Thursday, August 6th. Wall Street Zen raised Ramaco Resources from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. B. Riley Financial reduced their price objective on 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 lowered Ramaco Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. Finally, Morgan Stanley dropped their target price on Ramaco Resources from $17.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Ramaco Resources presently has a consensus rating of “Hold” and a consensus price target of $22.71.
Check Out Our Latest Report on Ramaco Resources
Ramaco Resources Stock Down 3.4%
Ramaco Resources (NASDAQ:METC – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported ($0.26) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.26). Ramaco Resources had a negative net margin of 11.98% and a negative return on equity of 13.54%. The business had revenue of $122.32 million during the quarter, compared to the consensus estimate of $133.11 million. Sell-side analysts anticipate that Ramaco Resources, Inc. will post -0.76 EPS for the current year.
Insider Buying and Selling
In other Ramaco Resources news, major shareholder Discovery Capital Management, sold 500,000 shares of Ramaco Resources stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $9.57, for a total value of $4,785,000.00. Following the sale, the insider owned 4,811,360 shares in the company, valued at $46,044,715.20. The trade was a 9.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 46.07% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Ramaco Resources
A number of hedge funds have recently modified their holdings of METC. State Street Corp increased its position in shares of Ramaco Resources by 10.2% during the 4th quarter. State Street Corp now owns 2,489,797 shares of the energy company’s stock worth $44,816,000 after purchasing an additional 230,197 shares during the last quarter. Renaissance Technologies LLC lifted its position in Ramaco Resources by 0.7% in the fourth quarter. Renaissance Technologies LLC now owns 1,526,164 shares of the energy company’s stock valued at $27,471,000 after buying an additional 9,860 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Ramaco Resources by 38.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,435,059 shares of the energy company’s stock valued at $22,179,000 after buying an additional 398,626 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Ramaco Resources by 74.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,160,898 shares of the energy company’s stock worth $20,896,000 after buying an additional 496,150 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Ramaco Resources by 20.1% during the fourth quarter. Geode Capital Management LLC now owns 978,950 shares of the energy company’s stock worth $17,625,000 after buying an additional 163,971 shares during the period. 74.49% of the stock is currently 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.
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