Ramaco Resources (NASDAQ:METC) Reaches New 12-Month Low – Here’s Why

Shares of Ramaco Resources, Inc. (NASDAQ:METC) hit a new 52-week low during trading on Monday . The company traded as low as $10.01 and last traded at $10.09, with a volume of 283427 shares trading hands. The stock had previously closed at $10.35.

Analyst Ratings Changes

A number of research analysts have recently commented on METC shares. Robert W. Baird decreased their price objective on shares of Ramaco Resources from $30.00 to $25.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Morgan Stanley dropped 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 report on Wednesday, July 8th. Zacks Research downgraded shares of Ramaco Resources from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. Weiss Ratings reiterated a “sell (d)” rating on shares of Ramaco Resources in a report on Thursday, June 18th. Finally, B. Riley Financial lowered their price target 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. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $26.43.

Ramaco Resources Stock Down 4.1%

The company has a market cap of $635.51 million, a price-to-earnings ratio of -8.86 and a beta of 1.35. The company has a debt-to-equity ratio of 1.06, a current ratio of 4.88 and a quick ratio of 3.93. The firm has a 50-day moving average price of $13.53 and a 200 day moving average price of $15.48.

Ramaco Resources (NASDAQ:METC) last released its quarterly earnings results on Monday, May 11th. The energy company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.08). The firm had revenue of $101.41 million for the quarter, compared to analyst estimates of $129.72 million. Ramaco Resources had a negative return on equity of 13.44% and a negative net margin of 11.52%.The business’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.20) earnings per share. Sell-side analysts predict that Ramaco Resources, Inc. will post -0.58 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Discovery Capital Management, sold 200,000 shares of Ramaco Resources stock in a transaction on Friday, May 1st. The stock was sold at an average price of $14.79, for a total transaction of $2,958,000.00. Following the completion of the sale, the insider owned 5,311,360 shares of the company’s stock, valued at approximately $78,555,014.40. This trade represents a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 46.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Ramaco Resources

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

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.