Ring Energy Inc (NYSEAMERICAN:REI)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $1.77, but opened at $1.76. Ring Energy shares last traded at $1.73, with a volume of 729,793 shares.
A number of brokerages have commented on REI. LADENBURG THALM/SH SH cut Ring Energy from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $5.00 to $3.00 in a research report on Monday, August 26th. Johnson Rice began coverage on Ring Energy in a research report on Tuesday, May 28th. They issued a “buy” rating for the company. Zacks Investment Research cut Ring Energy from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Finally, Imperial Capital reduced their price target on Ring Energy from $6.00 to $4.00 and set an “outperform” rating for the company in a research report on Thursday, August 22nd. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Ring Energy currently has an average rating of “Buy” and an average target price of $7.25.
Ring Energy (NYSEAMERICAN:REI) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.04. The company had revenue of $51.33 million during the quarter, compared to analyst estimates of $49.66 million.
In related news, CEO Kelly W. Hoffman purchased 22,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was acquired at an average cost of $1.60 per share, for a total transaction of $35,200.00. Following the completion of the transaction, the chief executive officer now directly owns 59,546 shares of the company’s stock, valued at $95,273.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO William Randall Broaddrick purchased 25,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was bought at an average price of $1.69 per share, with a total value of $42,250.00. Following the completion of the transaction, the chief financial officer now directly owns 50,000 shares of the company’s stock, valued at $84,500. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 105,250 shares of company stock valued at $168,670.
A number of large investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA raised its stake in shares of Ring Energy by 62,700.0% in 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. Magnus Financial Group LLC acquired a new stake in shares of Ring Energy in the second quarter valued at $78,000. WINTON GROUP Ltd raised its stake in shares of Ring Energy by 23.8% in the second quarter. WINTON GROUP Ltd now owns 26,620 shares of the company’s stock valued at $87,000 after acquiring an additional 5,119 shares in the last quarter. Jane Street Group LLC acquired a new stake in shares of Ring Energy in the second quarter valued at $88,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Ring Energy in the first quarter valued at $103,000.
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.
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