Ramaco Resources (NASDAQ:METC) Stock Price Up 6.6% - Here's What Happened

Key Points

• Ramaco Resources' stock price surged by 6.6% during mid-day trading to reach $37.36, recovering from a previous close of $35.05.
• Analysts have provided mixed ratings, with Jefferies Financial Group upgrading the stock's price target from $27.00 to $45.00 while Zacks Research shifted its rating from "strong sell" to "hold."
• The company's recent earnings report showed a quarterly revenue of $152.96 million but a net loss of $0.29 per share, missing consensus estimates.

Ramaco Resources, Inc. (NASDAQ:METC - Get Free Report) shares traded up 6.6% during mid-day trading on Friday . The stock traded as high as $37.29 and last traded at $37.36. 425,516 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 1,724,866 shares. The stock had previously closed at $35.05.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Ramaco Resources in a report on Saturday, September 27th. Jefferies Financial Group upped their price objective on Ramaco Resources from $27.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday, September 18th. Benchmark reissued a "buy" rating and issued a $24.00 target price (up previously from $14.00) on shares of Ramaco Resources in a report on Tuesday, August 5th. Finally, Zacks Research upgraded shares of Ramaco Resources from a "strong sell" rating to a "hold" rating in a research report on Friday, August 29th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $27.67.

Ramaco Resources Stock Performance

The firm has a fifty day moving average of $25.65 and a 200-day moving average of $16.03. The company has a quick ratio of 0.84, a current ratio of 1.36 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of -83.89 and a beta of 1.37.

Ramaco Resources (NASDAQ:METC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The energy company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.07). Ramaco Resources had a negative net margin of 3.17% and a negative return on equity of 5.55%. The firm had revenue of $152.96 million during the quarter, compared to analysts' expectations of $131.55 million. During the same quarter in the prior year, the business earned $0.08 EPS. The company's quarterly revenue was down 1.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Ramaco Resources, Inc. will post 0.05 EPS for the current year.

Insider Buying and Selling at Ramaco Resources

In other news, Director Peter A. Leidel sold 1,600,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $18.75, for a total transaction of $30,000,000.00. Following the completion of the transaction, the director directly owned 2,502,930 shares of the company's stock, valued at $46,929,937.50. This trade represents a 39.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 36.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ramaco Resources

Several hedge funds have recently bought and sold shares of the stock. Brooklyn Investment Group purchased a new stake in shares of Ramaco Resources in the first quarter valued at $25,000. Ameritas Investment Partners Inc. increased its position in Ramaco Resources by 63.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,632 shares of the energy company's stock worth $48,000 after purchasing an additional 1,416 shares in the last quarter. State of Wyoming acquired a new position in Ramaco Resources in the 1st quarter valued at about $50,000. AlphaQuest LLC lifted its holdings in Ramaco Resources by 30.6% in the 1st quarter. AlphaQuest LLC now owns 6,332 shares of the energy company's stock valued at $52,000 after purchasing an additional 1,482 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of Ramaco Resources by 384.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,920 shares of the energy company's stock worth $52,000 after purchasing an additional 3,110 shares during the last quarter. Hedge funds and other institutional investors own 74.49% of the company's stock.

Ramaco Resources Company Profile

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.

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