Ramaco Resources, Inc. (NASDAQ:METC – Get Free Report)’s stock price shot up 6.9% on Wednesday . The company traded as high as $12.54 and last traded at $12.45. 88,133 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 744,962 shares. The stock had previously closed at $11.65.
Analysts Set New Price Targets
Several equities research analysts recently commented on the stock. B. Riley dropped their price objective on shares of Ramaco Resources from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Benchmark reissued a “buy” rating and issued a $20.00 target price on shares of Ramaco Resources in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Ramaco Resources currently has an average rating of “Moderate Buy” and an average target price of $17.50.
Check Out Our Latest Stock Analysis on Ramaco Resources
Ramaco Resources Stock Performance
Ramaco Resources Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be given a dividend of $0.138 per share. This represents a $0.55 annualized dividend and a dividend yield of 4.58%. The ex-dividend date of this dividend is Friday, August 30th. Ramaco Resources’s payout ratio is currently 47.01%.
Insider Buying and Selling at Ramaco Resources
In other Ramaco Resources news, General Counsel Evan H. Jenkins bought 7,158 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average price of $13.97 per share, with a total value of $99,997.26. Following the purchase, the general counsel now owns 23,480 shares of the company’s stock, valued at $328,015.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 45.98% of the stock is currently owned by corporate insiders.
Institutional Trading of Ramaco Resources
A number of institutional investors have recently bought and sold shares of METC. Raymond James & Associates bought a new position in Ramaco Resources in the fourth quarter worth approximately $290,000. Strs Ohio purchased a new stake in shares of Ramaco Resources during the fourth quarter valued at $146,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Ramaco Resources by 14.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,589 shares of the energy company’s stock valued at $130,000 after purchasing an additional 947 shares during the period. Wedge Capital Management L L P NC lifted its position in Ramaco Resources by 5.5% during the fourth quarter. Wedge Capital Management L L P NC now owns 276,812 shares of the energy company’s stock valued at $4,756,000 after purchasing an additional 14,480 shares during the period. Finally, New York State Common Retirement Fund lifted its holdings in shares of Ramaco Resources by 372.6% in the 4th quarter. New York State Common Retirement Fund now owns 28,491 shares of the energy company’s stock valued at $489,000 after buying an additional 22,463 shares during the period. 74.49% of the stock is currently owned by 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.
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