Ring Energy, Inc. (NYSEAMERICAN:REI – Get Free Report) passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $1.35 and traded as low as $1.2550. Ring Energy shares last traded at $1.28, with a volume of 5,464,054 shares traded.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on REI shares. Bank of America started coverage on shares of Ring Energy in a research report on Wednesday, July 15th. They set a “buy” rating and a $2.00 price objective for the company. Mizuho began coverage on shares of Ring Energy in a research note on Wednesday, September 2nd. They set a “neutral” rating and a $2.00 target price for the company. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2.00.
Ring Energy Trading Down 7.0%
The firm has a 50-day moving average of $1.39 and a 200 day moving average of $1.35. The company has a market cap of $312.62 million, a P/E ratio of -1.09, a price-to-earnings-growth ratio of 0.28 and a beta of 0.85. The company has a current ratio of 0.54, a quick ratio of 0.49 and a debt-to-equity ratio of 0.48.
Ring Energy (NYSEAMERICAN:REI – Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. Ring Energy had a positive return on equity of 5.55% and a negative net margin of 68.02%. The business had revenue of $104.68 million during the quarter, compared to the consensus estimate of $93.29 million. On average, analysts predict that Ring Energy, Inc. will post 0.11 earnings per share for the current fiscal year.
Institutional Trading of Ring Energy
Several large investors have recently modified their holdings of the stock. StoneX Group Inc. increased its stake in Ring Energy by 92.3% in the third quarter. StoneX Group Inc. now owns 48,881 shares of the company’s stock valued at $68,000 after purchasing an additional 23,464 shares in the last quarter. Apollon Wealth Management LLC acquired a new position in shares of Ring Energy during the third quarter valued at about $26,000. Sterling Capital Management LLC boosted its position in shares of Ring Energy by 4,750.9% during the 3rd quarter. Sterling Capital Management LLC now owns 187,343 shares of the company’s stock worth $245,000 after purchasing an additional 183,481 shares in the last quarter. State Street Corp boosted its position in shares of Ring Energy by 211.3% during the 2nd quarter. State Street Corp now owns 2,509,052 shares of the company’s stock worth $2,710,000 after purchasing an additional 1,702,965 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Ring Energy during the 2nd quarter worth about $65,000. Institutional investors and hedge funds own 77.14% of the company’s stock.
About Ring Energy
Ring Energy, Inc (NYSE American: REI) is an independent oil and natural gas exploration and production company. The company focuses on the acquisition, development, exploration and operation of oil and gas properties, with an emphasis on generating production from established assets.
Ring Energy’s operations are concentrated in the Permian Basin, one of the most significant oil-producing regions in the United States. Its properties are primarily located in the Northwest Shelf of the Permian Basin in southeastern New Mexico and West Texas.
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