Key Points
- Discovery Capital Management sold 500,000 Ramaco Resources shares at an average price of $9.57, generating $4.785 million and reducing its position by 9.41% to 4.81 million shares.
- Ramaco Resources reported a quarterly loss of $0.26 per share, in line with estimates, while revenue of $122.32 million fell short of the $133.11 million consensus forecast.
- Analysts maintain a consensus “Hold” rating with an average price target of $22.71, although several firms recently lowered their targets; institutional investors own 74.49% of the company.
Ramaco Resources, Inc. (NASDAQ:METC - Get Free Report) major shareholder Discovery Capital Management, sold 500,000 shares of the company's 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 directly owned 4,811,360 shares in the company, valued at approximately $46,044,715.20. The trade was a 9.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Major shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.
Ramaco Resources Price Performance
Shares of NASDAQ:METC opened at $10.18 on Tuesday. The business's fifty day moving average price is $12.57 and its two-hundred day moving average price is $14.74. The stock has a market cap of $663.53 million, a PE ratio of -9.51 and a beta of 1.37. The company has a debt-to-equity ratio of 1.23, a quick ratio of 3.31 and a current ratio of 4.23. Ramaco Resources, Inc. has a one year low of $8.56 and a one year high of $57.80.
Ramaco Resources (NASDAQ:METC - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The energy company reported ($0.26) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.26). Ramaco Resources had a negative return on equity of 13.54% and a negative net margin of 11.98%.The company had revenue of $122.32 million during the quarter, compared to analysts' expectations of $133.11 million. On average, analysts forecast that Ramaco Resources, Inc. will post -0.76 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on METC. Benchmark cut their target price on shares of Ramaco Resources from $38.00 to $26.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Robert W. Baird set a $13.00 price target on shares of Ramaco Resources in a research note on Thursday. B. Riley Financial lowered their price target on shares of Ramaco Resources from $24.00 to $22.00 and set a "buy" rating for the company in a report on Wednesday, May 13th. Wall Street Zen raised shares of Ramaco Resources from a "strong sell" rating to a "sell" rating in a research report on Saturday. Finally, Morgan Stanley cut their price objective on shares of Ramaco Resources from $17.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $22.71.
View Our Latest Stock Analysis on METC
Institutional Investors Weigh In On Ramaco Resources
A number of hedge funds and other institutional investors have recently made changes to their positions in METC. State Street Corp grew its position in shares of Ramaco Resources by 10.2% in the fourth quarter. State Street Corp now owns 2,489,797 shares of the energy company's stock valued at $44,816,000 after purchasing an additional 230,197 shares during the period. Renaissance Technologies LLC lifted its position in Ramaco Resources by 0.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,526,164 shares of the energy company's stock worth $27,471,000 after buying an additional 9,860 shares during the period. Dimensional Fund Advisors LP lifted its position in 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 buying an additional 398,626 shares during the period. Goldman Sachs Group Inc. boosted its stake in Ramaco Resources by 74.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,160,898 shares of the energy company's stock worth $20,896,000 after buying an additional 496,150 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Ramaco Resources by 20.1% in the 4th quarter. Geode Capital Management LLC now owns 978,950 shares of the energy company's stock worth $17,625,000 after buying an additional 163,971 shares during the last quarter. Hedge funds and other institutional investors own 74.49% of the company's stock.
Ramaco Resources Company Profile
(
Get Free Report)
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.
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