Ring Energy Inc (NYSEAMERICAN:REI) – Investment analysts at SunTrust Banks boosted their Q4 2018 earnings per share (EPS) estimates for Ring Energy in a note issued to investors on Monday, November 5th. SunTrust Banks analyst N. Dingmann now expects that the company will post earnings of $0.13 per share for the quarter, up from their previous estimate of $0.12. SunTrust Banks also issued estimates for Ring Energy’s FY2020 earnings at $1.63 EPS.
A number of other research analysts have also recently commented on REI. Zacks Investment Research upgraded Ring Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. Ifs Securities restated an “outperform” rating on shares of Ring Energy in a research note on Monday, October 29th. Imperial Capital set a $15.00 price target on Ring Energy and gave the stock an “outperform” rating in a research note on Thursday, October 4th. Finally, Seaport Global Securities cut Ring Energy from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $12.00 in a research note on Tuesday, October 2nd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $17.89.
NYSEAMERICAN:REI opened at $7.69 on Thursday. Ring Energy has a 52 week low of $6.75 and a 52 week high of $17.35.
Ring Energy (NYSEAMERICAN:REI) last released its quarterly earnings results on Tuesday, November 6th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.03. The firm had revenue of $32.69 million for the quarter, compared to analyst estimates of $30.83 million.
Several hedge funds have recently modified their holdings of REI. Neuburgh Advisers LLC grew its holdings in shares of Ring Energy by 103.5% during the second quarter. Neuburgh Advisers LLC now owns 9,962 shares of the company’s stock worth $126,000 after buying an additional 5,066 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Ring Energy during the second quarter worth about $145,000. Cubist Systematic Strategies LLC purchased a new position in shares of Ring Energy during the first quarter worth about $170,000. CIBC World Markets Inc. purchased a new position in shares of Ring Energy during the second quarter worth about $151,000. Finally, Jane Street Group LLC purchased a new position in shares of Ring Energy during the second quarter worth about $165,000.
In other Ring Energy news, insider Daniel D. Wilson sold 25,000 shares of the firm’s stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $11.13, for a total transaction of $278,250.00. Following the transaction, the insider now owns 40,000 shares of the company’s stock, valued at $445,200. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Kelly W. Hoffman sold 90,375 shares of the firm’s stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $11.31, for a total value of $1,022,141.25. Following the transaction, the chief executive officer now directly owns 117,546 shares in the company, valued at approximately $1,329,445.26. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 370,375 shares of company stock worth $4,183,691.
About Ring Energy
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.
Further Reading: Understanding Price to Earnings Ratio (PE)
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