Montauk Renewables (NASDAQ:MNTK) Trading Down 4.2% Following Analyst Downgrade

Montauk Renewables, Inc. (NASDAQ:MNTK)’s share price fell 4.2% during trading on Thursday after Scotiabank lowered their price target on the stock from $9.00 to $8.00. Scotiabank currently has a sector outperform rating on the stock. Montauk Renewables traded as low as $4.11 and last traded at $4.14. 77,383 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 380,123 shares. The stock had previously closed at $4.32.

Other research analysts have also recently issued reports about the company. TheStreet cut Montauk Renewables from a “c-” rating to a “d+” rating in a research note on Wednesday, March 6th. B. Riley reduced their target price on shares of Montauk Renewables from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, March 7th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Montauk Renewables has a consensus rating of “Hold” and an average price target of $8.00.

Institutional Investors Weigh In On Montauk Renewables

Several hedge funds have recently modified their holdings of MNTK. JPMorgan Chase & Co. grew its holdings in Montauk Renewables by 447.4% in the first quarter. JPMorgan Chase & Co. now owns 76,363 shares of the company’s stock valued at $855,000 after purchasing an additional 62,412 shares during the period. Citigroup Inc. grew its position in shares of Montauk Renewables by 25.7% in the first quarter. Citigroup Inc. now owns 45,403 shares of the company’s stock valued at $508,000 after purchasing an additional 9,275 shares during the period. Vanguard Group Inc. lifted its stake in Montauk Renewables by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 2,692,106 shares of the company’s stock valued at $30,151,000 after buying an additional 144,762 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Montauk Renewables in the 1st quarter worth about $52,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Montauk Renewables by 4.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 318,503 shares of the company’s stock worth $3,568,000 after purchasing an additional 12,337 shares in the last quarter. 16.35% of the stock is owned by hedge funds and other institutional investors.

Montauk Renewables Stock Down 2.9 %

The company has a market cap of $586.30 million, a PE ratio of 37.09 and a beta of -0.49. The company has a current ratio of 3.07, a quick ratio of 3.07 and a debt-to-equity ratio of 0.22. The business has a fifty day simple moving average of $5.15 and a two-hundred day simple moving average of $7.62.

Montauk Renewables (NASDAQ:MNTK) last issued its quarterly earnings data on Thursday, March 14th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.02). The business had revenue of $46.81 million for the quarter, compared to analyst estimates of $52.86 million. Montauk Renewables had a return on equity of 6.32% and a net margin of 8.55%. As a group, equities research analysts predict that Montauk Renewables, Inc. will post 0.29 earnings per share for the current year.

About Montauk Renewables

Montauk Renewables, Inc, a renewable energy company, engages in recovery and processing of biogas from landfills and other non-fossil fuel sources. It operates in two segments, Renewable Natural Gas and Renewable Electricity Generation. The company develops, owns, and operates renewable natural gas (RNG) projects that captures methane and prevents it from being released into the atmosphere by converting it into either RNG or electrical power for the electrical grid.