Ring Energy (REI) Lowered to Strong Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Ring Energy (NYSEAMERICAN:REI) from a hold rating to a strong sell rating in a research note released on Wednesday.

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. “

REI has been the subject of several other reports. B. Riley set a $20.00 price objective on Ring Energy and gave the company a buy rating in a report on Tuesday, March 20th. Stephens reaffirmed a buy rating and issued a $19.00 price objective on shares of Ring Energy in a report on Tuesday, April 24th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $19.00.

NYSEAMERICAN:REI opened at $12.71 on Wednesday. Ring Energy has a 1-year low of $11.04 and a 1-year high of $17.35.

Ring Energy (NYSEAMERICAN:REI) last released its quarterly earnings results on Tuesday, May 8th. The company reported $0.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.04). The firm had revenue of $29.89 million for the quarter, compared to analyst estimates of $29.57 million. Ring Energy had a return on equity of 3.75% and a net margin of 18.47%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its holdings in Ring Energy by 101.2% in the 1st quarter. BlackRock Inc. now owns 6,907,920 shares of the company’s stock valued at $99,129,000 after acquiring an additional 3,474,559 shares in the last quarter. Royal Bank of Canada raised its holdings in Ring Energy by 0.5% in the 1st quarter. Royal Bank of Canada now owns 3,937,870 shares of the company’s stock valued at $56,509,000 after acquiring an additional 17,886 shares in the last quarter. Encompass Capital Advisors LLC raised its holdings in Ring Energy by 1.5% in the 4th quarter. Encompass Capital Advisors LLC now owns 2,692,102 shares of the company’s stock valued at $37,420,000 after acquiring an additional 40,592 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Ring Energy by 22.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,208,874 shares of the company’s stock valued at $31,697,000 after acquiring an additional 408,222 shares in the last quarter. Finally, Cannell Peter B & Co. Inc. acquired a new position in Ring Energy in the 1st quarter valued at $27,856,000.

Ring Energy Company Profile

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, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.

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