Ramaco Resources (METC) Credit Facility Expansion Draws Bullish Analyst Opinions

Ramaco Resources Inc. (NASDAQ:METC) is one of the best high-upside materials stocks to buy. On January 20, Jefferies upgraded Ramaco Resources Inc. (NASDAQ:METC) to Buy from Hold while adjusting its price target to $30.00 from $33.00. The research firm cited potential upside risk to its coal price assumptions as a key factor in the upgrade decision. Jefferies currently forecasts coal prices at $198 per ton for this year, which stands below the current futures price of $245 per ton.

In addition, the ongoing and escalating geopolitical risks related to critical minerals were also highlighted as positive factors for the company, contributing to the rating improvement at the current share price. The price target reduction was attributed to risks relating to the company’s Brook project.

Meanwhile, on January 26, Robert W. Baird analyst Ben Kallo maintained a Buy rating on Ramaco Resources Inc. (NASDAQ:METC) and set a $40 price target.

Separately, on December 30, Ramaco Resources Inc. (NASDAQ:METC) said that its principal lender, KeyBank, increased the total commitments under its amended revolving credit agreement with the company to $500 million and extended the maturity date to 2030. The expanded facility includes a $350 million revolving commitment and a $150 million accordion feature, up from the previous $200 million commitment with a $75 million accordion feature.

Ramaco Resources Inc. (NASDAQ:METC) develops, operates, and sells metallurgical coal to blast furnace steel mills and coke plants in North America and to international customers.

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Disclosure: None. This article is originally published at Insider Monkey.