Short Interest in Ring Energy (REI) Decreases By 7.7%

Ring Energy (NYSE:REI) was the target of a large decline in short interest during the month of September. As of September 29th, there was short interest totalling 5,544,833 shares, a decline of 7.7% from the September 15th total of 6,007,532 shares. Based on an average daily trading volume, of 421,614 shares, the days-to-cover ratio is currently 13.2 days. Currently, 11.1% of the shares of the stock are short sold.

Ring Energy (NYSE:REI) opened at 13.10 on Wednesday. The stock’s 50 day moving average price is $13.01 and its 200 day moving average price is $12.64. Ring Energy has a 1-year low of $8.76 and a 1-year high of $14.67. The firm’s market cap is $709.30 million.

Ring Energy (NYSE:REI) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $0.04 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.04. The firm had revenue of $14.50 million during the quarter, compared to analyst estimates of $14.20 million. Equities research analysts predict that Ring Energy will post $0.19 EPS for the current year.

Several institutional investors have recently made changes to their positions in the company. Ranger Investment Management L.P. lifted its holdings in shares of Ring Energy by 0.3% in the first quarter. Ranger Investment Management L.P. now owns 163,509 shares of the company’s stock valued at $1,769,000 after buying an additional 435 shares during the period. Legal & General Group Plc lifted its holdings in shares of Ring Energy by 4.9% in the second quarter. Legal & General Group Plc now owns 9,869 shares of the company’s stock valued at $128,000 after buying an additional 463 shares during the period. Teachers Advisors LLC lifted its holdings in shares of Ring Energy by 2.5% in the first quarter. Teachers Advisors LLC now owns 76,346 shares of the company’s stock valued at $826,000 after buying an additional 1,856 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Ring Energy by 12.5% in the second quarter. The Manufacturers Life Insurance Company now owns 35,311 shares of the company’s stock valued at $460,000 after buying an additional 3,923 shares during the period. Finally, Voya Investment Management LLC lifted its holdings in shares of Ring Energy by 24.4% in the second quarter. Voya Investment Management LLC now owns 21,296 shares of the company’s stock valued at $277,000 after buying an additional 4,179 shares during the period.

Several research analysts have recently issued reports on the company. Imperial Capital assumed coverage on Ring Energy in a research note on Tuesday, August 15th. They set an “outperform” rating and a $18.00 price target for the company. Zacks Investment Research downgraded Ring Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Roth Capital set a $20.00 price target on Ring Energy and gave the stock a “buy” rating in a research note on Wednesday, August 23rd. Finally, Northland Securities set a $20.00 price target on Ring Energy and gave the stock a “buy” rating in a research note on Monday, August 14th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $18.60.

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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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