Montauk Renewables (NASDAQ:MNTK) Shares Gap Up on Earnings Beat

Montauk Renewables, Inc. (NASDAQ:MNTK) shares gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $5.19, but opened at $5.50. Montauk Renewables shares last traded at $5.13, with a volume of 68,225 shares traded.

The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Montauk Renewables had a net margin of 11.80% and a return on equity of 9.07%. The business had revenue of $65.92 million for the quarter, compared to analysts’ expectations of $61.27 million.

Analyst Ratings Changes

Separately, Scotiabank reiterated a “sector perform” rating and issued a $6.00 price objective (down from $8.00) on shares of Montauk Renewables in a research report on Tuesday, September 3rd.

Institutional Trading of Montauk Renewables

Several institutional investors and hedge funds have recently added to or reduced their stakes in MNTK. Vanguard Group Inc. increased its holdings in shares of Montauk Renewables by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 3,593,935 shares of the company’s stock worth $14,951,000 after acquiring an additional 59,375 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Montauk Renewables by 14.3% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 152,334 shares of the company’s stock valued at $634,000 after purchasing an additional 19,086 shares during the last quarter. Quadrature Capital Ltd raised its position in shares of Montauk Renewables by 284.3% in the first quarter. Quadrature Capital Ltd now owns 42,600 shares of the company’s stock valued at $177,000 after purchasing an additional 31,514 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Montauk Renewables by 33.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 43,329 shares of the company’s stock worth $181,000 after buying an additional 10,850 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of Montauk Renewables by 81.3% during the 1st quarter. Janus Henderson Group PLC now owns 71,323 shares of the company’s stock worth $296,000 after buying an additional 31,974 shares during the period. 16.35% of the stock is owned by institutional investors.

Montauk Renewables Stock Performance

The firm has a market cap of $618.96 million, a price-to-earnings ratio of 26.00 and a beta of -0.21. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.19. The stock’s 50 day moving average is $5.22 and its 200 day moving average is $5.09.

Montauk Renewables Company Profile

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.