Ring Energy, Inc. (NYSEAMERICAN:REI) Short Interest Update

Ring Energy, Inc. (NYSEAMERICAN:REIGet Free Report) was the target of a large increase in short interest in June. As of June 30th, there was short interest totaling 9,218,172 shares, an increase of 95.8% from the June 15th total of 4,708,138 shares. Based on an average daily trading volume, of 7,765,434 shares, the short-interest ratio is presently 1.2 days. Approximately 4.6% of the shares of the stock are short sold.

Ring Energy Trading Up 2.5%

Shares of REI traded up $0.03 during trading hours on Friday, hitting $1.23. The company had a trading volume of 2,390,942 shares, compared to its average volume of 5,154,433. Ring Energy has a 52-week low of $0.72 and a 52-week high of $2.00. The company has a quick ratio of 0.36, a current ratio of 0.40 and a debt-to-equity ratio of 0.69. The stock’s 50 day moving average price is $1.25 and its 200 day moving average price is $1.29. The firm has a market cap of $257.57 million, a P/E ratio of -0.97 and a beta of 0.80.

Ring Energy (NYSEAMERICAN:REIGet Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. Ring Energy had a positive return on equity of 5.10% and a negative net margin of 87.63%.The business had revenue of $73.67 million for the quarter, compared to analyst estimates of $69.90 million. On average, research analysts predict that Ring Energy will post 0.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Zacks Research cut Ring Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, June 26th. Bank of America initiated coverage on Ring Energy in a research note on Wednesday. They issued a “buy” rating and a $2.00 target price for the company. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $2.00.

Get Our Latest Analysis on REI

Insiders Place Their Bets

In related news, CEO Paul D. Mckinney bought 50,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was bought at an average cost of $1.19 per share, for a total transaction of $59,500.00. Following the completion of the transaction, the chief executive officer owned 4,158,463 shares of the company’s stock, valued at approximately $4,948,570.97. The trade was a 1.22% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sundip Singh Johl bought 231,000 shares of Ring Energy stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average cost of $1.21 per share, for a total transaction of $279,510.00. Following the purchase, the executive vice president owned 548,460 shares of the company’s stock, valued at $663,636.60. The trade was a 72.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ring Energy

Several institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Ring Energy by 28.6% in the 1st quarter. AQR Capital Management LLC now owns 3,350,472 shares of the company’s stock worth $3,853,000 after acquiring an additional 744,284 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Ring Energy during the first quarter worth about $42,000. Empowered Funds LLC boosted its holdings in shares of Ring Energy by 8.6% during the first quarter. Empowered Funds LLC now owns 783,428 shares of the company’s stock worth $901,000 after purchasing an additional 62,317 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Ring Energy in the second quarter worth about $439,000. Finally, Jump Financial LLC bought a new stake in shares of Ring Energy in the second quarter worth about $31,000. Hedge funds and other institutional investors own 77.14% of the company’s stock.

About Ring Energy

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Ring Energy, Inc is an independent oil and natural gas exploration and production company focused on the development, acquisition and operation of upstream assets in the United States. Headquartered in Odessa, Texas, the company concentrates its activities on onshore hydrocarbon plays, where it seeks to optimize production through technical innovation, cost management and disciplined capital allocation. Ring Energy trades on the NYSE American under the ticker symbol REI.

The company’s core operations are centered in the Permian Basin, one of North America’s most prolific oil-producing regions.

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