Ring Energy Inc (NYSEAMERICAN:REI) shares rose 6.7% during trading on Wednesday . The company traded as high as $2.00 and last traded at $1.92, approximately 645,100 shares were traded during trading. A decline of 27% from the average daily volume of 887,355 shares. The stock had previously closed at $1.80.
REI has been the subject of a number of research reports. LADENBURG THALM/SH SH cut Ring Energy from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $5.00 to $3.00 in a research report on Monday, August 26th. Imperial Capital lowered 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. Finally, Northland Securities set a $2.80 price target on Ring Energy and gave the stock a “buy” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $3.33.
The stock has a 50-day simple moving average of $1.65 and a 200 day simple moving average of $3.64.
Ring Energy (NYSEAMERICAN:REI) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.02. The company had revenue of $50.34 million during the quarter, compared to analyst estimates of $48.63 million.
In related news, President David A. Fowler acquired 20,750 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was acquired at an average price of $1.66 per share, with a total value of $34,445.00. Following the acquisition, the president now directly owns 152,900 shares in the company, valued at approximately $253,814. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kelly W. Hoffman acquired 22,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was bought at an average cost of $1.60 per share, with a total value of $35,200.00. Following the acquisition, the chief executive officer now owns 59,546 shares in the company, valued at $95,273.60. The disclosure for this purchase can be found here. In the last three months, insiders bought 115,250 shares of company stock valued at $183,370.
Several hedge funds have recently modified their holdings of REI. Sheaff Brock Investment Advisors LLC lifted its holdings in shares of Ring Energy by 106.4% in the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 45,400 shares of the company’s stock valued at $74,000 after buying an additional 23,400 shares during the period. State of Alaska Department of Revenue raised its holdings 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 purchasing an additional 25,495 shares during the period. Magnus Financial Group LLC acquired a new position in Ring Energy in the 2nd quarter worth about $78,000. Jane Street Group LLC acquired a new position in Ring Energy in the 2nd quarter worth about $88,000. Finally, Jefferies Group LLC acquired a new position in Ring Energy in the 2nd quarter worth about $161,000.
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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