A number of other research analysts have also recently issued reports on REI. Zacks Investment Research cut Ring Energy from a hold rating to a sell rating in a research note on Wednesday, July 12th. Northland Securities set a $20.00 price objective on Ring Energy and gave the company a buy rating in a research note on Monday, August 14th. Finally, Imperial Capital initiated coverage on Ring Energy in a research note on Tuesday, August 15th. They set an outperform rating and a $18.00 price objective for the company. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $18.60.
Ring Energy (REI) traded down 6.52% during midday trading on Friday, reaching $13.19. The company had a trading volume of 357,671 shares. The stock’s market capitalization is $714.17 million. Ring Energy has a 12-month low of $8.76 and a 12-month high of $14.67. The company has a 50-day moving average of $12.95 and a 200-day moving average of $12.55.
Ring Energy (NYSE:REI) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $0.04 earnings per share (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 analysts’ expectations of $14.20 million. On average, analysts predict that Ring Energy will post $0.19 EPS for the current fiscal year.
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A number of large investors have recently made changes to their positions in REI. Wells Fargo & Company MN raised its stake in Ring Energy by 50.1% during the first quarter. Wells Fargo & Company MN now owns 35,976 shares of the company’s stock valued at $390,000 after buying an additional 12,000 shares during the last quarter. Sei Investments Co. raised its stake in shares of Ring Energy by 441.3% in the first quarter. Sei Investments Co. now owns 87,398 shares of the company’s stock worth $946,000 after purchasing an additional 71,253 shares during the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of Ring Energy by 7.4% in the first quarter. Parametric Portfolio Associates LLC now owns 92,440 shares of the company’s stock worth $1,000,000 after purchasing an additional 6,339 shares during the last quarter. American International Group Inc. raised its stake in shares of Ring Energy by 21.9% in the first quarter. American International Group Inc. now owns 25,070 shares of the company’s stock worth $271,000 after purchasing an additional 4,509 shares during the last quarter. Finally, Alliancebernstein L.P. purchased a new position in shares of Ring Energy in the first quarter worth $155,000.
About Ring Energy
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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