Ring Energy (NYSEAMERICAN:REI) Trading Up 6.7%

Ring Energy Inc (NYSEAMERICAN:REI) shares were up 6.7% during trading on Wednesday . The company traded as high as $2.00 and last traded at $1.92, approximately 645,100 shares were traded during mid-day trading. A decline of 27% from the average daily volume of 887,355 shares. The stock had previously closed at $1.80.

A number of analysts have commented on REI shares. LADENBURG THALM/SH SH cut Ring Energy from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $5.00 to $3.00 in a research report on Monday, August 26th. Northland Securities set a $2.80 price target on Ring Energy and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, Imperial Capital reduced their price target on Ring Energy from $6.00 to $4.00 and set an “outperform” rating for the company in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Ring Energy currently has a consensus rating of “Hold” and a consensus target price of $3.33.

The firm has a 50-day moving average of $1.65 and a 200-day moving average of $3.64.

Ring Energy (NYSEAMERICAN:REI) last released its earnings results on Wednesday, November 6th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. The business had revenue of $50.34 million for the quarter, compared to analysts’ expectations of $48.63 million.

In other news, President David A. Fowler purchased 20,750 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was acquired at an average price of $1.66 per share, for a total transaction of $34,445.00. Following the acquisition, the president now directly owns 152,900 shares of the company’s stock, valued at approximately $253,814. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kelly W. Hoffman purchased 22,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were purchased at an average price of $1.60 per share, with a total value of $35,200.00. Following the acquisition, the chief executive officer now directly owns 59,546 shares in the company, valued at $95,273.60. The disclosure for this purchase can be found here. Insiders have purchased 115,250 shares of company stock valued at $183,370 in the last quarter.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its holdings in Ring Energy by 458.1% during the 3rd quarter. Millennium Management LLC now owns 177,326 shares of the company’s stock valued at $290,000 after buying an additional 145,552 shares in the last quarter. Granahan Investment Management Inc. MA grew its holdings in Ring Energy by 32.3% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 1,959,701 shares of the company’s stock valued at $3,214,000 after buying an additional 478,428 shares in the last quarter. Barclays PLC grew its holdings in Ring Energy by 151.6% during the 3rd quarter. Barclays PLC now owns 212,235 shares of the company’s stock valued at $349,000 after buying an additional 127,891 shares in the last quarter. Ancora Advisors LLC purchased a new position in Ring Energy during the 3rd quarter valued at approximately $410,000. Finally, State Street Corp grew its holdings in Ring Energy by 6.9% during the 3rd quarter. State Street Corp now owns 1,845,535 shares of the company’s stock valued at $3,027,000 after buying an additional 118,420 shares in the last quarter.

Ring Energy Company Profile (NYSEAMERICAN:REI)

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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