B. Riley Research analysts raise earnings estimates for Ramaco Resources, Inc. (NASDAQ:METC)
Ramaco Resources, Inc. (NASDAQ:METC – Get Rating) – B. Riley analysts raised their FY2024 EPS estimates for Ramaco Resources shares in a report released Tuesday, October 11. B. Riley analyst L. Pipes now expects the energy company to post earnings of $2.36 per share for the year, up from its previous estimate of $1.96 . The consensus estimate for Ramaco Resources’ current full-year earnings is $4.07 per share.
Separately, BMO Capital Markets cut its price target on Ramaco Resources from $18.00 to $14.00 and set a “market performance” rating for the company in a Tuesday, Aug. 9 research report.
Ramaco Resource Price Performance
The NASDAQ METC opened at $10.39 on Thursday. Ramaco Resources has a 1-year low of $8.43 and a 1-year high of $21.73. The company’s fifty-day moving average is $10.19 and its two-hundred-day moving average is $13.01. The stock has a market capitalization of $458.10 million, a P/E ratio of 4.64 and a beta of 0.98. The company has a debt ratio of 0.21, a quick ratio of 0.90 and a current ratio of 1.19.
Ramaco Resources (NASDAQ:METC – Get Rating) last reported quarterly earnings data on Monday, August 8. The energy company reported earnings per share (EPS) of $0.74 for the quarter, missing the consensus estimate of $1.70 per ($0.96). Ramaco Resources had a return on equity of 42.89% and a net margin of 21.95%. The company posted revenue of $138.66 million in the quarter, versus analyst estimates of $212.74 million.
Institutional investors weigh in on Ramaco Resources
A number of hedge funds have recently been buying and selling shares of METC. Steward Partners Investment Advisory LLC bought a new position in Ramaco Resources in Q2 worth around $58,000. Denali Advisors LLC increased its stake in Ramaco Resources by 46.3% during the 2nd quarter. Denali Advisors LLC now owns 6,000 shares of the energy company valued at $79,000 after buying an additional 1,900 shares in the last quarter. Bank of America Corp DE increased its position in Ramaco Resources by 523.1% in Q1. Bank of America Corp DE now owns 5,944 shares of the energy company worth $94,000 after buying 4,990 additional shares in the last quarter. Legal & General Group Plc acquired a new position in shares of Ramaco Resources during the second quarter worth approximately $105,000. Finally, American International Group Inc. acquired a new stake in the shares of Ramaco Resources during the 2nd quarter at a value of approximately $138,000. 67.48% of the shares are currently held by institutional investors.
Insider Trading at Ramaco Resources
In related news, director David EK Frischkorn sold 5,000 shares of Ramaco Resources in a trade on Thursday August 18th. The stock was sold at an average price of $11.66, for a total transaction of $58,300.00. Following the completion of the sale, the director now owns 35,439 shares of the company, valued at $413,218.74. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. 49.78% of the shares are held by insiders.
Ramaco Resources cuts its dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15. Investors of record on Thursday, December 1 will receive a dividend of $0.1133. This represents an annualized dividend of $0.45 and a yield of 4.36%. The ex-date of this dividend is Wednesday, November 30. Ramaco Resources’ dividend payout ratio is currently 20.09%.
About Ramaco Resources
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Ramaco Resources, Inc produces and sells metallurgical coal. The Company’s development portfolio includes the Elk Creek Project consisting of approximately 20,200 acres of controlled minerals and 16 veins located in southern West Virginia; the Berwind property comprising approximately 41,300 acres of controlled ore and an area of Squire Jim coal deposits, which is located on the border of West Virginia and Virginia; the Knox Creek property consisting of approximately 62,100 acres of controlled minerals located in Virginia; and the RAM Mine property comprising approximately 1,570 acres of controlled minerals, located in southwestern Pennsylvania.
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