Ramaco Res Inc Stock Price, News & Analysis

Ramaco Resources (NASDAQ: METC) announced the resignation of two independent directors, Jennifer Gray and Mahmud Riffat, effective December 27, 2021, due to the future distribution of shares owned by Energy Capital Partners (ECP). ECP held about 5.6 million shares, approximately 12.8% of Ramaco's outstanding shares. Concurrently, Ramaco appointed Aurelia Skipwith Giacometto as a new independent director, effective January 1, 2022. Giacometto brings extensive experience in government and business, complementing Ramaco's metallurgical coal operations and future plans.

Ramaco Resources, Inc. (NASDAQ: METC) has completed its acquisition of the Amonate Assets from Coronado Global Resources Inc. for $30 million. This acquisition includes approximately 50 million tons of coal reserves located in McDowell County, West Virginia, and Tazewell County, Virginia, and will enhance production capabilities at the Berwind Mine. Production is expected to start in Q2 2022 with an incremental output of 200,000 tons. Additionally, the company will initiate a $2.5 million quarterly dividend starting in Q1 2022, marking its transition to a dividend-paying entity.

Ramaco Resources reported a net income of $7.0 million (EPS: $0.16) for Q3 2021, significantly up from a net loss of $4.8 million in Q3 2020. The company achieved a record Adjusted EBITDA of $17.8 million, up 2,700% year-over-year. Sales volume reached 644,000 tons, a 50% increase from Q3 2020. Anticipated revenue for 2022 is over $325 million, with an acquisition of Amonate Assets set to enhance production capacity. A regular quarterly dividend is expected to initiate in Q1 2022, reflecting the company’s strong financial position.

Ramaco Resources, Inc. (NASDAQ: METC) will announce its third quarter 2021 financial results on November 2, 2021, after market closure. Investors can access the earnings release via the company's investor relations website. A conference call will take place on November 3, 2021, at 9 a.m. ET, featuring key executives including Randall W. Atkins and Jeremy R. Sussman. This call will discuss the financial results, providing insights into the company's performance. For further details, visit their official website.

Ramaco Resources, Inc. (NASDAQ: METC) revealed successful 2022 sales negotiations, securing contracts for 1.67 million tons of coal at an average price of $196 per ton, amounting to over $325 million in booked revenue. The company also executed a $30 million Asset Purchase Agreement for Amonate Assets, which is expected to enhance EBITDA starting in 2022. Additionally, Ramaco will initiate a regular quarterly dividend beginning in Q1 2022. Projected annual production capacity will increase to approximately 3.7 million tons by the end of 2023, bolstering its market position.

Ramaco Resources reported a robust second quarter of 2021 with a net income of $9.9 million and an EPS of $0.23, a 275% increase year-over-year. Adjusted EBITDA was $18.1 million, up 67% from the previous year, driven by record sales of 686,000 tons. The company improved its full-year production and sales guidance, while simultaneously reducing cost and capital expenditure forecasts. As of June 30, 2021, Ramaco maintained a net cash position of $6.0 million, compared to net debt of $15.3 million in the previous quarter. A recent $32.7 million jury verdict and forgiven $8.4 million PPP loan further improved liquidity.

Ramaco Resources, Inc. (NASDAQ: METC) will announce its second-quarter 2021 financial results on August 2, 2021, post-market close. The earnings release will be available via the company's investor relations website and major financial platforms. Following this, an investor conference call is scheduled for August 3, 2021, at 9 a.m. ET, featuring key executives discussing the results. Ramaco specializes in developing high-quality, low-cost metallurgical coal across southern West Virginia, southwestern Virginia, and southwestern Pennsylvania.

Ramaco Resources (NASDAQ: METC) secured a $32.7 million jury verdict against Chubb INA Holdings on July 15-16, 2021, after a legal dispute over denied insurance coverage for damages from a 2018 silo collapse at its Elk Creek coal complex in West Virginia. The jury awarded $7,653,057 in compensatory damages and $25 million for aggravation. The company plans to recover attorney's fees, but the verdict may be subject to appeals. This outcome signifies a positive development in the company's litigation efforts.

Ramaco Resources (NASDAQ: METC) has closed a public offering of senior unsecured notes due 2026, increasing the offering size from $25 million to $30 million due to high demand. The notes, which bear an interest rate of 9.00% per year, will mature on July 30, 2026. Proceeds from the offering will be used for general corporate purposes, including acquisitions and capital expenditures. The company has applied to list the notes on NASDAQ under the symbol METCL. The offering included a $4.5 million increase exercised by underwriters.