B. Riley Cuts Ramaco Resources (NASDAQ:METC) Price Target to $24.00

Ramaco Resources (NASDAQ:METC) had its price target reduced by B. Riley from $25.00 to $24.00 in a research report report published on Monday morning, Benzinga reports. B. Riley currently has a buy rating on the energy company’s stock. B. Riley also issued estimates for Ramaco Resources’ Q1 2024 earnings at $0.22 EPS.

Separately, UBS Group initiated coverage on Ramaco Resources in a research report on Tuesday, January 16th. They issued a neutral rating and a $21.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ramaco Resources presently has an average rating of Moderate Buy and a consensus target price of $17.90.

Ramaco Resources Stock Up 1.0 %

Shares of NASDAQ METC opened at $16.34 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.90 and a current ratio of 1.12. Ramaco Resources has a 52 week low of $7.26 and a 52 week high of $22.70. The stock has a market capitalization of $723.21 million, a P/E ratio of 9.39 and a beta of 1.15. The stock’s fifty day moving average is $17.26 and its 200 day moving average is $16.35.

Ramaco Resources (NASDAQ:METC) last issued its quarterly earnings results on Thursday, March 7th. The energy company reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.07). Ramaco Resources had a return on equity of 24.28% and a net margin of 11.87%. The company had revenue of $202.73 million during the quarter, compared to the consensus estimate of $182.60 million. Sell-side analysts forecast that Ramaco Resources will post 2.37 earnings per share for the current fiscal year.

Ramaco Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.138 per share. This is a boost from Ramaco Resources’s previous quarterly dividend of $0.13. This represents a $0.55 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Thursday, February 29th. Ramaco Resources’s payout ratio is 31.61%.

Hedge Funds Weigh In On Ramaco Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in METC. Archer Investment Corp acquired a new position in shares of Ramaco Resources in the fourth quarter worth approximately $26,000. Global Retirement Partners LLC acquired a new position in shares of Ramaco Resources in the fourth quarter worth approximately $36,000. Point72 Middle East FZE acquired a new position in shares of Ramaco Resources in the fourth quarter worth approximately $44,000. Barclays PLC lifted its stake in shares of Ramaco Resources by 532.9% in the fourth quarter. Barclays PLC now owns 6,019 shares of the energy company’s stock worth $53,000 after acquiring an additional 5,068 shares during the period. Finally, Ensign Peak Advisors Inc acquired a new position in shares of Ramaco Resources in the third quarter worth approximately $55,000. 74.49% of the stock is owned by institutional investors and hedge funds.

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.