Montauk Renewables (NASDAQ:MNTK) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

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

Montauk Renewables Trading Up 4.9 %

MNTK stock opened at $4.31 on Friday. Montauk Renewables has a 1-year low of $3.38 and a 1-year high of $9.75. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.66. The business has a 50 day simple moving average of $5.21 and a two-hundred day simple moving average of $5.09. The company has a market capitalization of $617.92 million, a price-to-earnings ratio of 26.94 and a beta of -0.21.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Montauk Renewables

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MNTK. Point72 Asia Singapore Pte. Ltd. raised its position in shares of Montauk Renewables by 105.0% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,898 shares of the company’s stock valued at $26,000 after purchasing an additional 2,509 shares during the last quarter. Verition Fund Management LLC boosted its position in shares of 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 acquiring an additional 4,947 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Montauk Renewables by 16.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,749 shares of the company’s stock valued at $369,000 after acquiring an additional 9,756 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in 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 worth $861,000 after buying an additional 13,228 shares during the period. Finally, Townsquare Capital LLC purchased a new stake in shares of Montauk Renewables during the third quarter worth approximately $75,000. 16.35% of the stock is 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.