Ring Energy (REI) Downgraded by Zacks Investment Research to “Strong Sell”

Zacks Investment Research lowered shares of Ring Energy (NYSE:REI) from a hold rating to a strong sell rating in a research report sent to investors on Friday.

According to Zacks, “Ring Energy, Inc. is engaged in the exploration and development of oil and gas. The company operates primarily in Texas and Kansas. Ring Energy, Inc. is based in TULSA, United States. “

Other research analysts also recently issued reports about the company. Roth Capital set a $19.00 price target on Ring Energy and gave the stock a buy rating in a research note on Thursday. Canaccord Genuity reaffirmed a buy rating and set a $18.00 price target on shares of Ring Energy in a research note on Thursday, January 12th. Finally, Stephens initiated coverage on Ring Energy in a research note on Friday, December 16th. They set an overweight rating on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The company has an average rating of Buy and an average price target of $15.64.

Analyst Recommendations for Ring Energy (NYSE:REI)

Shares of Ring Energy (NYSE:REI) remained flat at $10.38 on Friday. The company had a trading volume of 77,616 shares. The stock’s market cap is $435.10 million. The company’s 50 day moving average price is $12.16 and its 200-day moving average price is $11.72. Ring Energy has a 12-month low of $4.77 and a 12-month high of $14.10.

Ring Energy (NYSE:REI) last announced its quarterly earnings data on Wednesday, March 15th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by $0.03. Equities analysts predict that Ring Energy will post $0.25 EPS for the current fiscal year.

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Institutional investors have recently added to or reduced their stakes in the stock. Greenwood Capital Associates LLC raised its position in Ring Energy by 1.6% in the fourth quarter. Greenwood Capital Associates LLC now owns 13,046 shares of the company’s stock valued at $169,000 after buying an additional 210 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Ring Energy by 11.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 8,090 shares of the company’s stock valued at $105,000 after buying an additional 835 shares in the last quarter. Wells Fargo & Company MN raised its position in Ring Energy by 25.0% in the third quarter. Wells Fargo & Company MN now owns 13,073 shares of the company’s stock valued at $143,000 after buying an additional 2,613 shares in the last quarter. Dalton Greiner Hartman Maher & Co. raised its position in Ring Energy by 2.1% in the third quarter. Dalton Greiner Hartman Maher & Co. now owns 176,612 shares of the company’s stock valued at $1,934,000 after buying an additional 3,650 shares in the last quarter. Finally, Foundry Partners LLC raised its position in Ring Energy by 1.1% in the third quarter. Foundry Partners LLC now owns 375,705 shares of the company’s stock valued at $4,114,000 after buying an additional 4,100 shares in the last quarter.

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