Stock Buyback Program Initiated by Montauk Renewables (NASDAQ:MNTK) Board

Montauk Renewables (NASDAQ:MNTK) announced that its Board of Directors has authorized a share buyback program on Tuesday, April 15th, RTT News reports. The company plans to buyback $5.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 1.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

MNTK has been the subject of several research reports. B. Riley lowered their price objective on shares of Montauk Renewables from $4.00 to $3.00 and set a “neutral” rating for the company in a research note on Friday, March 14th. UBS Group dropped their target price on shares of Montauk Renewables from $6.25 to $3.00 and set a “neutral” rating for the company in a report on Friday, March 14th. Finally, Scotiabank dropped their price objective on shares of Montauk Renewables from $6.00 to $4.00 and set a “sector perform” rating for the company in a research note on Friday, April 11th.

Montauk Renewables Stock Performance

Shares of MNTK stock opened at $2.09 on Thursday. The company has a market cap of $299.57 million, a P/E ratio of 13.06 and a beta of 0.05. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 0.17. The firm has a fifty day moving average price of $2.90 and a 200 day moving average price of $4.03. Montauk Renewables has a 12 month low of $1.75 and a 12 month high of $6.22.

Montauk Renewables (NASDAQ:MNTK) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.11). Montauk Renewables had a net margin of 11.80% and a return on equity of 8.88%. The company had revenue of $27.74 million during the quarter, compared to analyst estimates of $59.92 million. Sell-side analysts predict that Montauk Renewables will post 0.19 earnings per share for the current fiscal 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.