Ramaco Resources (NASDAQ:METC) Shares Gap Up – Here’s What Happened

Ramaco Resources, Inc. (NASDAQ:METC)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $9.64, but opened at $10.37. Ramaco Resources shares last traded at $10.23, with a volume of 479,417 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently commented on METC shares. B. Riley Financial reduced their target price on Ramaco Resources from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Robert W. Baird lowered their price target on shares of Ramaco Resources from $30.00 to $25.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Weiss Ratings restated a “sell (d)” rating on shares of Ramaco Resources in a research note on Thursday, June 18th. Zacks Research downgraded shares of Ramaco Resources from a “hold” rating to a “strong sell” rating in a report on Friday, July 17th. Finally, Morgan Stanley lowered their target price on shares of Ramaco Resources from $17.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $26.43.

Ramaco Resources Stock Down 5.1%

The firm has a market cap of $596.14 million, a price-to-earnings ratio of -8.32 and a beta of 1.37. The business’s 50-day moving average is $13.07 and its 200-day moving average is $15.07. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.93 and a current ratio of 4.88.

Ramaco Resources (NASDAQ:METC) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported ($0.26) EPS for the quarter, meeting analysts’ consensus estimates of ($0.26). The firm had revenue of $122.32 million for the quarter, compared to analyst estimates of $133.11 million. Ramaco Resources had a negative net margin of 11.52% and a negative return on equity of 13.44%. On average, equities analysts predict that Ramaco Resources, Inc. will post -0.58 EPS for the current year.

Institutional Investors Weigh In On Ramaco Resources

A number of large investors have recently bought and sold shares of the business. BankChampaign National Association bought a new position in Ramaco Resources in the 1st quarter valued at $187,000. Royal Bank of Canada increased its stake in shares of Ramaco Resources by 16.4% in the first quarter. Royal Bank of Canada now owns 81,583 shares of the energy company’s stock valued at $1,262,000 after buying an additional 11,474 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Ramaco Resources by 12.2% in the first quarter. Cetera Investment Advisers now owns 26,850 shares of the energy company’s stock valued at $415,000 after buying an additional 2,930 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Ramaco Resources by 38.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,435,059 shares of the energy company’s stock worth $22,179,000 after buying an additional 398,626 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Ramaco Resources by 8.1% during the 1st quarter. Bank of New York Mellon Corp now owns 108,724 shares of the energy company’s stock worth $1,681,000 after acquiring an additional 8,114 shares during the last quarter. 74.49% of the stock is currently owned by institutional investors.

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.