Ramaco Resources (NASDAQ:METC) Price Target Lowered to $17.00 at Morgan Stanley

Ramaco Resources (NASDAQ:METC) had its target price lowered by Morgan Stanley from $17.50 to $17.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has an equal weight rating on the energy company’s stock.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings restated a “sell (d+)” rating on shares of Ramaco Resources in a report on Monday, December 29th. Jefferies Financial Group upgraded Ramaco Resources from a “hold” rating to a “buy” rating and reduced their target price for the stock from $33.00 to $30.00 in a report on Tuesday, January 20th. Zacks Research cut Ramaco Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 3rd. The Goldman Sachs Group reduced their target price on Ramaco Resources from $16.00 to $14.00 and set a “sell” rating on the stock in a report on Monday, March 2nd. Finally, Robert W. Baird reduced their target price on Ramaco Resources from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $31.86.

Ramaco Resources Price Performance

Shares of METC opened at $13.77 on Thursday. The company has a current ratio of 5.46, a quick ratio of 4.66 and a debt-to-equity ratio of 0.95. Ramaco Resources has a 1 year low of $7.53 and a 1 year high of $57.80. The stock has a market cap of $924.24 million, a P/E ratio of -13.91 and a beta of 1.43. The stock’s 50-day moving average price is $15.79 and its two-hundred day moving average price is $22.10.

Ramaco Resources (NASDAQ:METC) last issued its earnings results on Wednesday, February 25th. The energy company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. Ramaco Resources had a negative return on equity of 12.01% and a negative net margin of 9.59%.The firm had revenue of $108.72 million for the quarter, compared to analysts’ expectations of $143.48 million. During the same quarter last year, the business earned $0.02 earnings per share. The company’s revenue was down 25.1% compared to the same quarter last year. On average, equities analysts predict that Ramaco Resources will post 0.05 earnings per share for the current year.

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

Institutional Investors Weigh In On Ramaco Resources

A number of hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd raised its position in shares of Ramaco Resources by 78,508.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 9,433 shares of the energy company’s stock worth $170,000 after purchasing an additional 9,421 shares during the period. MidFirst Bank acquired a new stake in shares of Ramaco Resources during the fourth quarter worth about $54,000. XTX Topco Ltd acquired a new stake in shares of Ramaco Resources during the fourth quarter worth about $682,000. VARCOV Co. acquired a new stake in shares of Ramaco Resources during the fourth quarter worth about $1,048,000. Finally, Voloridge Investment Management LLC bought a new position in shares of Ramaco Resources during the fourth quarter worth about $2,639,000. Institutional investors and hedge funds own 74.49% of the company’s stock.

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.