Ramaco Resources, Inc. (NASDAQ:METC) Receives $34.50 Average Target Price from Analysts

Shares of Ramaco Resources, Inc. (NASDAQ:METC) have received an average recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, three have given a hold recommendation, four have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $34.50.

A number of research analysts recently issued reports on the company. Benchmark raised their price target on Ramaco Resources from $24.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Zacks Research upgraded shares of Ramaco Resources from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. Northland Securities set a $44.00 target price on shares of Ramaco Resources in a report on Wednesday, October 29th. Northland Capmk upgraded shares of Ramaco Resources to a “strong-buy” rating in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group started coverage on shares of Ramaco Resources in a research report on Wednesday, November 19th. They set a “sell” rating and a $16.00 price objective on the stock.

Institutional Trading of Ramaco Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Ramaco Resources by 40.0% in the 3rd 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 during the last quarter. American Century Companies Inc. lifted its holdings in shares of Ramaco Resources by 8.4% during the second quarter. American Century Companies Inc. now owns 1,028,186 shares of the energy company’s stock worth $13,510,000 after purchasing an additional 79,858 shares during the period. Millennium Management LLC purchased a new position in Ramaco Resources in the 3rd quarter valued at $23,451,000. Geode Capital Management LLC increased its stake in Ramaco Resources by 25.0% in the 2nd quarter. Geode Capital Management LLC now owns 687,343 shares of the energy company’s stock valued at $9,033,000 after buying an additional 137,635 shares during the period. Finally, Bamco Inc. NY acquired a new position in Ramaco Resources in the 3rd quarter valued at $20,679,000. 74.49% of the stock is owned by institutional investors and hedge funds.

Ramaco Resources Price Performance

Shares of NASDAQ:METC opened at $20.34 on Friday. Ramaco Resources has a 12 month low of $6.30 and a 12 month high of $57.80. The firm has a market capitalization of $1.34 billion, a P/E ratio of -30.36 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 company’s fifty day moving average price is $18.34 and its 200 day moving average price is $24.18.

Ramaco Resources (NASDAQ:METC) last issued its quarterly earnings data on Monday, October 27th. The energy company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $104.87 million for the quarter, compared to analyst estimates of $137.63 million. During the same quarter last year, the company posted ($0.03) earnings per share. The business’s quarterly revenue was down 27.7% compared to the same quarter last year. As a group, sell-side analysts predict that Ramaco Resources will post 0.05 earnings per share for the current fiscal year.

Ramaco Resources declared that its board has initiated a share buyback program on Tuesday, December 23rd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the energy company to buy up to 9.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.