Shares of Ring Energy Inc (NYSEAMERICAN:REI) have received a consensus recommendation of “Buy” from the ten ratings firms that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $16.86.
REI has been the topic of a number of research reports. Seaport Global Securities lowered shares of Ring Energy from a “buy” rating to a “neutral” rating and decreased their price target for the company from $20.00 to $12.00 in a research note on Tuesday, October 2nd. Zacks Investment Research lowered shares of Ring Energy from a “hold” rating to a “sell” rating in a research note on Thursday, September 20th. Imperial Capital set a $15.00 price target on shares of Ring Energy and gave the company an “outperform” rating in a research note on Thursday, October 4th. Ifs Securities reiterated an “outperform” rating on shares of Ring Energy in a research note on Monday, October 29th. Finally, SunTrust Banks reiterated a “buy” rating and issued a $12.00 price target on shares of Ring Energy in a research note on Sunday, December 2nd.
In other news, insider Daniel D. Wilson sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $11.13, for a total transaction of $278,250.00. Following the completion of the sale, the insider now owns 40,000 shares of the company’s stock, valued at approximately $445,200. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Stanley Myron Mccabe sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $11.23, for a total transaction of $1,123,000.00. Following the sale, the director now directly owns 1,720,634 shares of the company’s stock, valued at approximately $19,322,719.82. The disclosure for this sale can be found here. Insiders sold a total of 360,375 shares of company stock valued at $4,068,291 in the last three months.
A number of hedge funds and other institutional investors have recently made changes to their positions in REI. Vanguard Group Inc. boosted its stake in Ring Energy by 2.2% during the third quarter. Vanguard Group Inc. now owns 3,422,953 shares of the company’s stock worth $33,922,000 after acquiring an additional 72,507 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Ring Energy by 12.9% in the third quarter. Legal & General Group Plc now owns 121,217 shares of the company’s stock valued at $1,200,000 after buying an additional 13,818 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Ring Energy by 4.1% in the third quarter. Thrivent Financial for Lutherans now owns 1,070,881 shares of the company’s stock valued at $10,613,000 after buying an additional 41,924 shares in the last quarter. MetLife Investment Advisors LLC lifted its position in shares of Ring Energy by 45.8% during the third quarter. MetLife Investment Advisors LLC now owns 41,554 shares of the company’s stock valued at $412,000 after purchasing an additional 13,054 shares in the last quarter. Finally, LPL Financial LLC bought a new position in shares of Ring Energy during the third quarter valued at about $172,000.
Shares of Ring Energy stock traded up $0.13 during trading on Friday, hitting $7.03. 33,422 shares of the stock were exchanged, compared to its average volume of 724,780. Ring Energy has a 1-year low of $6.56 and a 1-year high of $17.35.
Ring Energy (NYSEAMERICAN:REI) last released its quarterly earnings data on Tuesday, November 6th. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate 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.
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.
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