Why Ramaco Resources Stock Is Ripping Higher

Ramaco Resources Inc METC shares are trading higher Tuesday after the company updated its third-quarter guidance.

What Happened: After the market close on Monday, Ramaco Resources said it now expects adjusted third-quarter earnings to be between 42 cents and 45 cents per share, representing a potential increase of 160% at the high end compared to the second quarter. 

The company expects to ship 996,000 tons of coal during the third quarter, which would be up about 39% from the prior quarter. As a result of Ramaco's strengthened outlook for the third quarter, the company now expects full-year coal shipments to be between 3.25 million and 3.5 million tons at the midpoint.

Ramaco also announced that its board declared a cash dividend of $0.125 per share of Class A common stock and $0.2487 per share of Class B common stock, payable on Dec. 15 to shareholders of record on Dec. 1. 

Ramaco will report third-quarter earnings after the market close on Nov. 7 and hold a conference call to discuss the results on Nov. 8.

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METC Price Action: Ramaco shares were up 21.5% at $11.85 at the time of publication, according to Benzinga Pro.

Photo: Giglio_di_mare from Pixabay.