Montauk Renewables (NASDAQ:MNTK) Posts Earnings Results

Montauk Renewables (NASDAQ:MNTK) announced its quarterly earnings results on Tuesday. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04, reports. Montauk Renewables had a net margin of 11.80% and a return on equity of 8.88%. The company had revenue of $65.92 million for the quarter, compared to analyst estimates of $61.27 million. Montauk Renewables updated its FY 2024 guidance to EPS.

Montauk Renewables Stock Performance

Montauk Renewables stock opened at $4.31 on Friday. The firm’s 50 day simple moving average is $5.21 and its 200-day simple moving average is $5.09. The company has a market cap of $617.92 million, a P/E ratio of 26.94 and a beta of -0.21. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.66. Montauk Renewables has a fifty-two week low of $3.38 and a fifty-two week high of $9.75.

Analysts Set New Price Targets

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

Institutional Trading of Montauk Renewables

Several hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Montauk Renewables by 105.0% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,898 shares of the company’s stock worth $26,000 after buying an additional 2,509 shares during the last quarter. Verition Fund Management LLC increased its holdings in Montauk Renewables by 12.4% during the 3rd quarter. Verition Fund Management LLC now owns 44,739 shares of the company’s stock valued at $233,000 after purchasing an additional 4,947 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Montauk Renewables by 16.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,749 shares of the company’s stock valued at $369,000 after purchasing an additional 9,756 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Montauk Renewables by 8.7% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 165,285 shares of the company’s stock valued at $861,000 after acquiring an additional 13,228 shares during the last quarter. Finally, Townsquare Capital LLC bought a new stake in shares of Montauk Renewables in the 3rd quarter valued at $75,000. 16.35% of the stock is currently owned by hedge funds and other institutional investors.

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.