Scotiabank Trims Montauk Renewables (NASDAQ:MNTK) Target Price to $8.00

Montauk Renewables (NASDAQ:MNTK - Free Report) had its target price reduced by Scotiabank from $9.00 to $8.00 in a research note published on Thursday morning, Benzinga reports. They currently have a sector outperform rating on the stock.

MNTK has been the subject of several other research reports. TheStreet cut Montauk Renewables from a c- rating to a d+ rating in a research note on Wednesday, March 6th. B. Riley decreased their target price on Montauk Renewables from $8.00 to $7.00 and set a neutral rating for the company in a report on Thursday, March 7th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $8.00.

Montauk Renewables Price Performance

NASDAQ:MNTK traded down $0.12 during trading hours on Thursday, reaching $4.20. The stock had a trading volume of 382,712 shares, compared to its average volume of 384,843. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.07 and a current ratio of 3.07. Montauk Renewables has a 52 week low of $3.67 and a 52 week high of $10.95. The company has a 50 day moving average price of $5.20 and a two-hundred day moving average price of $7.66. The stock has a market capitalization of $603.54 million, a PE ratio of 38.19 and a beta of -0.49.

Montauk Renewables (NASDAQ:MNTK - Get Free Report) last posted its quarterly earnings data on Thursday, March 14th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.02). Montauk Renewables had a net margin of 8.55% and a return on equity of 6.32%. The business had revenue of $46.81 million for the quarter, compared to analysts' expectations of $52.86 million. As a group, sell-side analysts anticipate that Montauk Renewables will post 0.29 earnings per share for the current fiscal year.

Institutional Trading of Montauk Renewables

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in shares of Montauk Renewables by 3.3% during the second quarter. BlackRock Inc. now owns 4,376,236 shares of the company's stock worth $32,559,000 after purchasing an additional 139,461 shares during the last quarter. Vanguard Group Inc. grew its position in Montauk Renewables by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 3,534,560 shares of the company's stock worth $31,493,000 after buying an additional 63,863 shares during the last quarter. State Street Corp grew its position in Montauk Renewables by 1.7% in the first quarter. State Street Corp now owns 2,463,033 shares of the company's stock worth $19,384,000 after buying an additional 42,238 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Montauk Renewables by 8.4% during the 2nd quarter. Geode Capital Management LLC now owns 1,389,005 shares of the company's stock worth $10,334,000 after purchasing an additional 108,126 shares in the last quarter. 16.35% of the stock is currently owned by institutional investors and hedge funds.

About Montauk Renewables

Montauk Renewables, Inc, a renewable energy company, engages in recovery and processing of biogas from landfills and other non-fossil fuel sources. It operates in two segments, Renewable Natural Gas and Renewable Electricity Generation. The company develops, owns, and operates renewable natural gas (RNG) projects that captures methane and prevents it from being released into the atmosphere by converting it into either RNG or electrical power for the electrical grid.