Ramaco Resources, Inc. (NASDAQ:METC) Short Interest Down 20.2% in December

Ramaco Resources, Inc. (NASDAQ:METC) was the target of a large drop in short interest in the month of December. As of December 31st, there was short interest totaling 11,752,697 shares, a drop of 20.2% from the December 15th total of 14,729,518 shares. Currently, 27.9% of the company’s stock are short sold. Based on an average daily trading volume, of 3,047,156 shares, the days-to-cover ratio is presently 3.9 days. Based on an average daily trading volume, of 3,047,156 shares, the days-to-cover ratio is presently 3.9 days. Currently, 27.9% of the company’s stock are short sold.

Ramaco Resources Stock Performance

NASDAQ METC opened at $20.89 on Friday. The company has a fifty day moving average of $18.18 and a two-hundred day moving average of $24.30. The company has a market capitalization of $1.38 billion, a PE ratio of -31.18 and a beta of 1.44. Ramaco Resources has a 1 year low of $6.30 and a 1 year high of $57.80. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.97 and a quick ratio of 2.24.

Ramaco Resources (NASDAQ:METC) last posted its earnings results on Monday, October 27th. The energy company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.05. The business had revenue of $104.87 million for the quarter, compared to analysts’ expectations of $137.63 million. Ramaco Resources had a negative return on equity of 8.26% and a negative net margin of 5.67%.The business’s revenue was down 27.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. As a group, analysts expect that Ramaco Resources will post 0.05 earnings per share for the current year.

Ramaco Resources announced that its Board of Directors has authorized a share buyback plan on Tuesday, December 23rd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the energy company to buy up to 9.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Ramaco Resources

Hedge funds have recently modified their holdings of the business. Spirit of America Management Corp NY purchased a new stake in Ramaco Resources during the 4th quarter valued at approximately $38,000. Kraft Davis & Associates LLC acquired a new position in shares of Ramaco Resources in the fourth quarter valued at approximately $180,000. SG Americas Securities LLC raised its stake in shares of Ramaco Resources by 542.6% during the fourth quarter. SG Americas Securities LLC now owns 25,903 shares of the energy company’s stock worth $466,000 after purchasing an additional 21,872 shares during the last quarter. Confluence Investment Management LLC lifted its holdings in shares of Ramaco Resources by 17.1% during the fourth quarter. Confluence Investment Management LLC now owns 14,332 shares of the energy company’s stock worth $258,000 after purchasing an additional 2,091 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Ramaco Resources by 42.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 83,803 shares of the energy company’s stock valued at $2,781,000 after buying an additional 24,905 shares during the last quarter. 74.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on METC. Benchmark raised their target price on shares of Ramaco Resources from $24.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Weiss Ratings restated a “sell (d+)” rating on shares of Ramaco Resources in a report on Monday, December 29th. Robert W. Baird set a $43.00 target price on Ramaco Resources in a report on Wednesday, October 29th. Northland Capmk raised Ramaco Resources to a “strong-buy” rating in a report on Wednesday, October 8th. Finally, Jefferies Financial Group downgraded Ramaco Resources from a “buy” rating to a “hold” rating and dropped their price objective for the company from $45.00 to $33.00 in a report on Tuesday, October 28th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Ramaco Resources has an average rating of “Moderate Buy” and a consensus target price of $34.50.

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.