Ring Energy Inc (NYSEAMERICAN:REI) has been assigned a consensus rating of “Buy” from the eight ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $10.25.
Several research analysts have issued reports on the stock. Northland Securities reiterated a “buy” rating and set a $9.00 target price on shares of Ring Energy in a report on Tuesday, April 23rd. Johnson Rice assumed coverage on shares of Ring Energy in a report on Tuesday, May 28th. They set a “buy” rating on the stock. Finally, Zacks Investment Research cut shares of Ring Energy from a “buy” rating to a “hold” rating in a report on Thursday, July 25th.
Ring Energy stock traded up $0.01 during midday trading on Wednesday, hitting $1.67. 832,400 shares of the company’s stock were exchanged, compared to its average volume of 725,845. Ring Energy has a 12 month low of $1.60 and a 12 month high of $12.31.
In other news, Director Anthony Benedict Petrelli purchased 30,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were acquired at an average cost of $3.80 per share, for a total transaction of $114,000.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Stanley Myron Mccabe purchased 10,000 shares of the stock in a transaction dated Friday, May 31st. The stock was purchased at an average price of $3.68 per share, for a total transaction of $36,800.00. Following the completion of the acquisition, the director now directly owns 1,670,634 shares in the company, valued at approximately $6,147,933.12. The disclosure for this purchase can be found here. Insiders bought a total of 80,000 shares of company stock worth $300,850 over the last 90 days.
Hedge funds have recently added to or reduced their stakes in the stock. Bailard Inc. boosted its stake in Ring Energy by 52.7% in the 2nd quarter. Bailard Inc. now owns 53,450 shares of the company’s stock worth $174,000 after buying an additional 18,450 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position in Ring Energy by 428.6% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 19,913 shares of the company’s stock worth $101,000 after purchasing an additional 16,146 shares during the period. Bank of New York Mellon Corp raised its position in Ring Energy by 12.9% in the 4th quarter. Bank of New York Mellon Corp now owns 750,092 shares of the company’s stock worth $3,810,000 after purchasing an additional 85,984 shares during the period. Deutsche Bank AG raised its position in Ring Energy by 329.8% in the 4th quarter. Deutsche Bank AG now owns 588,557 shares of the company’s stock worth $2,988,000 after purchasing an additional 451,609 shares during the period. Finally, Victory Capital Management Inc. raised its position in Ring Energy by 11.3% in the 1st quarter. Victory Capital Management Inc. now owns 120,939 shares of the company’s stock worth $710,000 after purchasing an additional 12,244 shares during the period.
About Ring Energy
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, 2018, the company's proved reserves consisted of approximately 36.6 million barrel of oil equivalent. As of the above date, it also had interests in 17,408 net developed acres and 58,620 net undeveloped acres in Andrews and Gaines counties; and 19,138 net developed acres and 860 net undeveloped acres in Culberson and Reeves counties.
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