Montauk Renewables Inc (MNTK)

Montauk Renewables Inc Stock (MNTK) dropped by 36.82% from $10.24 to $6.47 in the trading on Friday November 10, 2023. The reasons why MNTK stock down today include:

• Missed Q3 results: Montauk reported D3 RIN generation fell 8% in the quarter, due to contributing factors including drought weather anomalies of lower than average rainfall and higher than average temperatures. Q3 adjusted earnings of $0.09/share on revenues of $55.7M, compared to analyst expectations for EPS of $0.10 on revenues of $59.4M.
• Full-year sales guidance: Montauk trimmed guidance for renewable natural gas revenues to $155M - $160M from $160M - $175M previously. The company also cut guidance for renewable electricity revenues to $17.7M - $18.7M from $18M - $19M previously.