Shares of Ring Energy Inc (NYSEAMERICAN:REI) have earned a consensus recommendation of “Hold” from the seven ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $3.27.
A number of research analysts have recently commented on REI shares. Imperial Capital decreased their price objective on shares of Ring Energy from $6.00 to $4.00 and set an “outperform” rating for the company in a research report on Thursday, August 22nd. LADENBURG THALM/SH SH cut shares of Ring Energy from a “buy” rating to a “neutral” rating and dropped their target price for the company from $5.00 to $3.00 in a report on Monday, August 26th. Finally, Northland Securities set a $2.80 target price on shares of Ring Energy and gave the company a “buy” rating in a research note on Monday, October 21st.
In other news, CFO William Randall Broaddrick acquired 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were acquired at an average cost of $1.69 per share, with a total value of $42,250.00. Following the completion of the purchase, the chief financial officer now directly owns 50,000 shares of the company’s stock, valued at approximately $84,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kelly W. Hoffman acquired 22,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was purchased at an average cost of $1.60 per share, for a total transaction of $35,200.00. Following the completion of the purchase, the chief executive officer now directly owns 59,546 shares of the company’s stock, valued at $95,273.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 115,250 shares of company stock valued at $183,370.
Several hedge funds have recently made changes to their positions in REI. Sheaff Brock Investment Advisors LLC grew its position 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 buying an additional 23,400 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Ring Energy by 124.9% in the 3rd quarter. State of Alaska Department of Revenue now owns 45,913 shares of the company’s stock worth $75,000 after buying an additional 25,495 shares in the last quarter. Magnus Financial Group LLC bought a new position in shares of Ring Energy in the 2nd quarter worth $78,000. Jane Street Group LLC bought a new position in shares of Ring Energy in the 2nd quarter worth $88,000. Finally, Jefferies Group LLC purchased a new stake in shares of Ring Energy during the 2nd quarter valued at $161,000.
NYSEAMERICAN:REI traded down $0.02 during trading hours on Friday, reaching $1.90. 602,627 shares of the stock were exchanged, compared to its average volume of 886,143. Ring Energy has a twelve month low of $1.23 and a twelve month high of $7.40. The firm has a 50 day moving average of $1.65 and a 200 day moving average of $3.64.
Ring Energy (NYSEAMERICAN:REI) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.02. The business had revenue of $50.34 million during the quarter, compared to analyst estimates of $48.63 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, 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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