Ramaco Resources Inc. (METC) shares surged 9.46% in after-hours on Monday, August 2, 2021, and closed the daily trading at $7.29 per share. in the regular trading session, METC’s stock gained 1.37%. The stock volume remained 0.2 million shares, which was higher than the average daily volume of 0.12 million shares within the past 50 days. METC shares have risen 200.00% over the last 12 months, and they have moved up 3.26% in the past week. Over the past three months, the stock has gained 59.71%, while over the past six months, it has lost 123.49%.
Let’s have a brief look at its recent news and developments.
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METC recent financial results announcement
On August 2, 2021, Ramaco Resources Inc. (METC) released its financial results for the second quarter of 2021 which ended on June 30, 2021.
Q2 2021 financial highlights
- METC reported a net income of $9.9 million, or $0.23per diluted share for the three months ended June 30, 2021, compared to net income of $2.7 million, or $0.06 per diluted share for the three months ended June 30, 2020.
- In Q2 2021, total revenue was $76 million compared to $36.4 million in Q2 2020.
- Total cost and expenses were $69.1 million in Q2 2021 compared to $40.7 million in Q2 2020.
- Adjusted EBITDA was $18.1 million for the second quarter of 2021, compared to $10.8 million in Q2 2020.
- The Company had record liquidity of $49.4 million, consisting of $19.4 million of cash on hand plus $30.0 million of availability under its revolving credit facility on June 30, 2021.
METC won an insurance claim against Chubb
On July 19, 2021, Ramaco Resources Inc (METC) announced that it was prevailed and was awarded an approximately $32.7 million jury verdict in its lawsuit against insurance companies indirectly owned by Chubb INA Holdings, Inc on July 15 and 16, 2021. The claim was filed in the United States District Court for the Southern District of West Virginia. It arose from Chubb’s denial of insurance coverage of damages incurred by the Company from the collapse of a coal storage silo, which occurred at the Company’s Elk Creek coal complex in West Virginia on November 5, 2018.
Completion of Senior Unsecured Notes Offering
On July 13, 2021, Ramaco Resources, Inc (METC) closed its previously announced public offering of senior unsecured notes due 2026. Due to strong demand, the size of the Offering has been increased from the previously announced $25.0 million aggregate principal amount to $30.0 million aggregate principal number of Notes.
The Notes will mature on July 30, 2026, unless redeemed before maturity.
New METC VP for Metallurgical Sales
On May 18, 2021, Ramaco Resources, Inc appointed Bruce A. Hartshorn as Vice President, Metallurgical Sales of Ramaco Coal Sales, LLC.
Mr. Hartshorn has more than four decades of coal sales and marketing experience, as well as an extensive background in logistics, coal purchasing and trading, and production and development. he has spent the past four years as a consultant to companies in the U.S. metallurgical coal industry, before joining Ramaco.
METC stock went up on Monday after the company released its Q2 2021 financial results and we can expect it to continue its positive momentum in the coming days as well.