Ring Energy (REI) Sees Significant Growth in Short Interest

Ring Energy (NYSE:REI) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 6,073,493 shares, a growth of 4.7% from the August 15th total of 5,798,776 shares. Approximately 12.1% of the shares of the company are sold short. Based on an average daily volume of 297,326 shares, the short-interest ratio is currently 20.4 days.

Several equities analysts have issued reports on REI shares. Zacks Investment Research cut Ring Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Imperial Capital started coverage on Ring Energy in a research report on Tuesday, August 15th. They set an “outperform” rating and a $18.00 target price on the stock. Roth Capital set a $20.00 target price on Ring Energy and gave the stock a “buy” rating in a research report on Wednesday, August 23rd. Finally, Northland Securities set a $20.00 target price on Ring Energy and gave the stock a “buy” rating in a research report on Monday, August 14th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Ring Energy presently has a consensus rating of “Buy” and a consensus price target of $17.33.

Shares of Ring Energy (REI) opened at 13.24 on Friday. Ring Energy has a 12-month low of $8.76 and a 12-month high of $14.14. The firm’s market cap is $716.88 million. The company has a 50 day moving average price of $12.70 and a 200-day moving average price of $12.27.

Ring Energy (NYSE:REI) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.04. The company had revenue of $14.50 million for the quarter, compared to analyst estimates of $14.20 million. Analysts expect that Ring Energy will post $0.19 EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of REI. Daruma Capital Management LLC increased its stake in shares of Ring Energy by 1,661.2% during the second quarter. Daruma Capital Management LLC now owns 2,232,367 shares of the company’s stock valued at $29,021,000 after acquiring an additional 2,105,611 shares during the period. Pembroke Management LTD acquired a new position in shares of Ring Energy during the second quarter valued at approximately $11,791,000. Formula Growth Ltd. increased its stake in shares of Ring Energy by 29.9% during the first quarter. Formula Growth Ltd. now owns 2,077,964 shares of the company’s stock valued at $22,484,000 after acquiring an additional 478,125 shares during the period. Kennedy Capital Management Inc. acquired a new position in shares of Ring Energy during the second quarter valued at approximately $5,691,000. Finally, Royal Bank of Canada increased its stake in shares of Ring Energy by 12.9% during the second quarter. Royal Bank of Canada now owns 3,749,444 shares of the company’s stock valued at $48,743,000 after acquiring an additional 428,570 shares during the period.

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Ring Energy Company Profile

Ring Energy, Inc acquires, explores for, develops, and produces oil and natural gas in Texas and Kansas, the United States. As of December 31, 2016, its proved reserves consisted of approximately 27.7 million barrel of oil equivalent. The company also owns interests in 32,663 net developed and undeveloped acres in Andrews and Gaines counties, and 20,490 net developed and undeveloped acres in Reeves and Culberson counties, Texas; and 14,549 net developed and undeveloped acres in Kansas.

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