Ring Energy Inc (NYSEAMERICAN:REI)’s share price was down 6.7% during trading on Thursday . The company traded as low as $2.06 and last traded at $2.08, approximately 1,068,700 shares were traded during trading. An increase of 19% from the average daily volume of 894,552 shares. The stock had previously closed at $2.23.
A number of equities research analysts recently commented on REI shares. Northland Securities set a $2.80 price objective on Ring Energy and gave the stock a “buy” rating in a research note on Monday, October 21st. LADENBURG THALM/SH SH cut Ring Energy from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $5.00 to $3.00 in a research note on Monday, August 26th. Zacks Investment Research cut Ring Energy from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Finally, Imperial Capital decreased their price objective on Ring Energy from $6.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $5.06.
The company has a fifty day simple moving average of $1.65 and a two-hundred day simple moving average of $3.64.
In other Ring Energy news, CFO William Randall Broaddrick bought 25,000 shares of Ring Energy stock in a transaction on Tuesday, September 10th. The shares were purchased at an average cost of $1.69 per share, for a total transaction of $42,250.00. Following the completion of the acquisition, the chief financial officer now owns 50,000 shares in the company, valued at approximately $84,500. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Kelly W. Hoffman bought 22,000 shares of Ring Energy stock in a transaction on Wednesday, September 11th. The shares were acquired at an average price of $1.60 per share, for a total transaction of $35,200.00. Following the completion of the acquisition, the chief executive officer now owns 59,546 shares of the company’s stock, valued at approximately $95,273.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 115,250 shares of company stock worth $183,370.
Hedge funds have recently bought and sold shares of the business. Sheaff Brock Investment Advisors LLC lifted its holdings in Ring Energy by 106.4% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 45,400 shares of the company’s stock worth $74,000 after acquiring an additional 23,400 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Ring Energy by 124.9% during the third quarter. State of Alaska Department of Revenue now owns 45,913 shares of the company’s stock worth $75,000 after acquiring an additional 25,495 shares in the last quarter. Magnus Financial Group LLC bought a new position in Ring Energy during the second quarter worth about $78,000. WINTON GROUP Ltd lifted its holdings in Ring Energy by 23.8% during the second quarter. WINTON GROUP Ltd now owns 26,620 shares of the company’s stock worth $87,000 after acquiring an additional 5,119 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in Ring Energy during the second quarter worth about $88,000.
About Ring Energy (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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