Ramaco Resources (NASDAQ:METC) Hits New 52-Week High - Here's What Happened

Shares of Ramaco Resources, Inc. (NASDAQ:METC - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $16.43 and last traded at $15.80, with a volume of 525974 shares traded. The stock had previously closed at $12.70.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on METC. Benchmark dropped their price objective on shares of Ramaco Resources from $18.00 to $14.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. B. Riley dropped their price objective on shares of Ramaco Resources from $18.00 to $14.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Finally, Wall Street Zen lowered shares of Ramaco Resources from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd.

Ramaco Resources Stock Up 30.9%

The firm's 50-day moving average price is $10.43 and its 200-day moving average price is $9.73. The company has a market cap of $909.66 million, a price-to-earnings ratio of -207.88 and a beta of 1.30. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.32 and a quick ratio of 0.87.

Ramaco Resources (NASDAQ:METC - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The energy company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.10. Ramaco Resources had a negative net margin of 0.05% and a negative return on equity of 0.08%. The company had revenue of $115.61 million during the quarter, compared to analyst estimates of $137.10 million. During the same quarter in the prior year, the business earned $0.23 earnings per share. The business's quarterly revenue was down 22.0% compared to the same quarter last year. Sell-side analysts forecast that Ramaco Resources, Inc. will post 0.05 earnings per share for the current fiscal year.

Ramaco Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were paid a $0.0688 dividend. The ex-dividend date was Friday, May 30th. This represents a $0.28 annualized dividend and a dividend yield of 1.65%. Ramaco Resources's dividend payout ratio (DPR) is presently -350.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Brooklyn Investment Group purchased a new position in shares of Ramaco Resources in the first quarter valued at $25,000. AlphaQuest LLC purchased a new position in shares of Ramaco Resources in the fourth quarter valued at $50,000. Campbell Capital Management Inc. purchased a new position in shares of Ramaco Resources in the fourth quarter valued at $51,000. Jones Financial Companies Lllp purchased a new position in shares of Ramaco Resources in the fourth quarter valued at $56,000. Finally, State of Wyoming purchased a new position in shares of Ramaco Resources in the first quarter valued at $50,000. 74.49% of the stock is currently owned by hedge funds and other institutional investors.

About Ramaco Resources

Ramaco Resources, Inc engages in the development, operation, and sale of metallurgical coal. Its development portfolio includes the Elk Creek project that covers an area of approximately 20,200 acres located in southern West Virginia; the Berwind property covering an area of approximately 62,500 acres situated on the border of West Virginia and Virginia; the Knox Creek property, which covers an area of approximately 64,050 acres is located in Virginia; the Maben property covering an area of approximately 28,000 acres situated in southwestern Pennsylvania southern West Virginia; and the Brook Mine property that covers an area of approximately 16,000 acres located in northeastern Wyoming.