Ring Energy (NYSEAMERICAN:REI) Stock Price Down 7%

Shares of Ring Energy Inc (NYSEAMERICAN:REI) traded down 7% on Wednesday . The company traded as low as $3.33 and last traded at $3.34. 654,969 shares changed hands during trading, an increase of 9% from the average session volume of 601,959 shares. The stock had previously closed at $3.59.

A number of analysts have recently issued reports on REI shares. Zacks Investment Research raised shares of Ring Energy from a “sell” rating to a “hold” rating in a report on Tuesday, February 19th. Northland Securities reaffirmed a “buy” rating and set a $9.00 price target on shares of Ring Energy in a report on Thursday, March 21st. Finally, Johnson Rice started coverage on shares of Ring Energy in a report on Tuesday, May 28th. They set a “buy” rating on the stock. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $9.40.

Ring Energy (NYSEAMERICAN:REI) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.15. The company had revenue of $41.80 million for the quarter, compared to the consensus estimate of $26.53 million.

In other news, CEO Kelly W. Hoffman acquired 15,000 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was bought at an average cost of $3.62 per share, with a total value of $54,300.00. Following the completion of the purchase, the chief executive officer now directly owns 22,546 shares of the company’s stock, valued at $81,616.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Anthony Benedict Petrelli acquired 30,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were purchased at an average cost of $3.80 per share, with a total value of $114,000.00. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 80,000 shares of company stock worth $300,850.

A number of large investors have recently added to or reduced their stakes in REI. Bank of Montreal Can raised its holdings in Ring Energy by 515.2% in the fourth quarter. Bank of Montreal Can now owns 6,453 shares of the company’s stock worth $33,000 after purchasing an additional 5,404 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Ring Energy during the fourth quarter valued at about $53,000. Crossmark Global Holdings Inc. acquired a new position in shares of Ring Energy during the fourth quarter valued at about $64,000. Flinton Capital Management LLC increased its holdings in shares of Ring Energy by 16.4% during the fourth quarter. Flinton Capital Management LLC now owns 13,748 shares of the company’s stock valued at $70,000 after acquiring an additional 1,932 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its holdings in shares of Ring Energy by 62,700.0% during the first quarter. BNP Paribas Arbitrage SA now owns 11,932 shares of the company’s stock valued at $70,000 after acquiring an additional 11,913 shares in the last quarter.

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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.

Further Reading: Return On Assets

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