Ramaco Resources (NASDAQ:METC) Shares Gap Down After Analyst Downgrade

Ramaco Resources, Inc. (NASDAQ:METC) gapped down before the market opened on Tuesday after Morgan Stanley lowered their price target on the stock from $13.00 to $11.00. The stock had previously closed at $12.23, but opened at $11.25. Morgan Stanley currently has an equal weight rating on the stock. Ramaco Resources shares last traded at $11.0450, with a volume of 243,913 shares.

Several other analysts have also recently commented on METC. Zacks Research cut Ramaco Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. B. Riley Financial dropped 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. Weiss Ratings downgraded Ramaco Resources from a “sell (d)” rating to a “sell (d-)” rating in a research note on Thursday, August 6th. The Goldman Sachs Group decreased their price objective on Ramaco Resources from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, August 6th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $13.00 target price on shares of Ramaco Resources in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Ramaco Resources presently has a consensus rating of “Hold” and an average price target of $22.43.

Insider Transactions at Ramaco Resources

In other Ramaco Resources news, major shareholder Discovery Capital Management, sold 500,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $9.57, for a total value of $4,785,000.00. Following the completion of the sale, the insider owned 4,811,360 shares in the company, valued at $46,044,715.20. This represents a 9.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 46.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ramaco Resources

A number of hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its position in Ramaco Resources by 27.0% during the first quarter. Goldman Sachs Group Inc. now owns 274,545 shares of the energy company’s stock valued at $2,260,000 after purchasing an additional 58,304 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Ramaco Resources by 1.8% during the 1st quarter. Empowered Funds LLC now owns 123,110 shares of the energy company’s stock worth $1,013,000 after purchasing an additional 2,223 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Ramaco Resources by 40.1% during the 2nd quarter. Rhumbline Advisers now owns 49,605 shares of the energy company’s stock valued at $652,000 after buying an additional 14,199 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Ramaco Resources by 91.4% during the 2nd quarter. Hsbc Holdings PLC now owns 27,338 shares of the energy company’s stock valued at $358,000 after buying an additional 13,053 shares during the last quarter. Finally, New York State Common Retirement Fund grew its stake in shares of Ramaco Resources by 144.8% in the 2nd quarter. New York State Common Retirement Fund now owns 32,039 shares of the energy company’s stock valued at $421,000 after buying an additional 18,951 shares in the last quarter. 74.49% of the stock is owned by institutional investors and hedge funds.

Ramaco Resources Stock Down 7.5%

The business has a fifty day moving average of $12.05 and a 200 day moving average of $14.28. The stock has a market cap of $717.17 million, a price-to-earnings ratio of -10.57 and a beta of 1.37. The company has a debt-to-equity ratio of 1.23, a current ratio of 4.23 and a quick ratio of 3.31.

Ramaco Resources (NASDAQ:METC) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported ($0.26) earnings per share for the quarter, meeting the consensus estimate 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 11.98% and a negative return on equity of 13.54%. On average, equities analysts predict that Ramaco Resources, Inc. will post -0.76 earnings per share for the current year.

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.