Congress Asset Management Co. MA boosted its holdings in shares of Ring Energy Inc (NYSEAMERICAN:REI) by 1.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 213,991 shares of the company’s stock after purchasing an additional 4,060 shares during the quarter. Congress Asset Management Co. MA’s holdings in Ring Energy were worth $1,087,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bank of Montreal Can raised its position in Ring Energy by 515.2% during the 4th quarter. Bank of Montreal Can now owns 6,453 shares of the company’s stock worth $33,000 after buying an additional 5,404 shares during the last quarter. Virtu Financial LLC purchased a new stake in Ring Energy in the 3rd quarter valued at about $108,000. Jane Street Group LLC purchased a new stake in Ring Energy in the 2nd quarter valued at about $165,000. Quantbot Technologies LP purchased a new stake in Ring Energy in the 3rd quarter valued at about $161,000. Finally, LPL Financial LLC purchased a new stake in Ring Energy in the 3rd quarter valued at about $172,000.
REI has been the topic of several research analyst reports. Imperial Capital set a $15.00 price objective on shares of Ring Energy and gave the company an “outperform” rating in a report on Thursday, October 4th. Zacks Investment Research upgraded shares of Ring Energy from a “sell” rating to a “hold” rating in a report on Wednesday, October 24th. Ifs Securities restated an “outperform” rating on shares of Ring Energy in a report on Monday, October 29th. SunTrust Banks restated a “buy” rating and issued a $12.00 price objective on shares of Ring Energy in a report on Sunday, December 2nd. Finally, Capital One Financial lowered shares of Ring Energy from an “overweight” rating to an “equal weight” rating in a report on Thursday, December 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $14.20.
Ring Energy (NYSEAMERICAN:REI) last issued its quarterly earnings results on Tuesday, November 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.03. The business had revenue of $32.69 million for the quarter, compared to analysts’ expectations of $30.83 million.
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Ring Energy Profile
Ring Energy, Inc, an exploration and production company, acquires, explores for, develops, and produces oil and natural gas in Texas, the United States. As of December 31, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.
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