Ramaco Resources Inc

Ramaco Resources raised its full-year 2026 capital expenditure guidance to $92 to $97 million from a prior $85 to $90 million, while releasing a Hatch conceptual study that pegs the Brook Mine's potential net present value at roughly $3.4 billion to $8 billion. CEO Randolph Atkins said the study marks a shift from being solely an upstream feedstock provider to also a potential large-scale midstream refiner, with internal modeling showing average adjusted EBITDA of between $600 million and $1.3 billion. The company lowered 2026 met coal production guidance to 3.6 to 3.9 million tons and sales guidance to 4.0 to 4.3 million tons, citing high-vol oversupply and diesel cost pressure tied to the Iranian conflict. Q2 adjusted EBITDA fell to $6 million from $9 million a year earlier, with a cash cost per ton sold of $99 and realized prices of $116 per ton. Management highlighted over $400 million in liquidity and more than 8% of Class A shares repurchased for about $66 million, while noting that a final investment decision on Brook remains distant, with long-lead equipment constraints and offtake discussions still in early stages.

Ramaco Resources has declared a quarterly dividend of $0.1535 per share. The dividend is payable on September 25 to shareholders of record as of September 11, with the ex-dividend date also set for September 11.

Zacks Equity Research identifies Core Natural Resources, Alliance Resource Partners, and Ramaco Resources as coal stocks worth watching despite ongoing industry challenges. The U.S. coal industry faces declining demand as renewable energy adoption rises, with the Energy Information Administration projecting a 2% drop in coal production to 518 million short tons in 2026 and a further 4% decline in 2027. Coal's share of electricity generation is expected to fall to 16% in 2026 and 15% in 2027. The Zacks Coal industry, which ranks in the bottom 23% of 247 Zacks industries, has seen its 2026 earnings estimates cut by 53.3% since June 2025. Core Natural Resources has restarted longwall mining at its Leer South mine and secured major contracts, with consensus estimates pointing to 157% earnings growth in 2026. Alliance Resource Partners is expanding royalty income through a $206 million acquisition, and its current distribution yield stands at 9.9%. Ramaco Resources has restarted the Laurel Fork Mine and is expanding the Berwind Mine, with full-year metallurgical coal production expected between 3.7 and 4.1 million tons.