Ring Energy (NYSEAMERICAN:REI) Trading 6.7% Higher

Ring Energy Inc (NYSEAMERICAN:REI)’s stock price traded up 6.7% on Wednesday . The company traded as high as $2.00 and last traded at $1.92, 645,100 shares traded hands during mid-day trading. A decline of 27% from the average session volume of 887,355 shares. The stock had previously closed at $1.80.

A number of analysts recently weighed in on the company. Northland Securities set a $2.80 target price on Ring Energy and gave the stock a “buy” rating in a research report on Monday, October 21st. LADENBURG THALM/SH SH downgraded Ring Energy from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $5.00 to $3.00 in a research report on Monday, August 26th. Finally, Imperial Capital dropped their target price 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $3.33.

The company has a 50-day simple moving average of $1.65 and a two-hundred day simple moving average of $3.64.

Ring Energy (NYSEAMERICAN:REI) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.11 earnings per share 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 the consensus estimate of $48.63 million.

In other Ring Energy news, CEO Kelly W. Hoffman bought 22,000 shares of Ring Energy stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average cost of $1.60 per share, with a total value of $35,200.00. Following the completion of the purchase, the chief executive officer now owns 59,546 shares of the company’s stock, valued at $95,273.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President David A. Fowler bought 20,750 shares of Ring Energy stock in a transaction dated Tuesday, September 10th. The shares were acquired at an average cost of $1.66 per share, for a total transaction of $34,445.00. Following the completion of the purchase, the president now directly owns 152,900 shares of the company’s stock, valued at approximately $253,814. The disclosure for this purchase can be found here. Insiders acquired 115,250 shares of company stock valued at $183,370 in the last quarter.

Institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC grew its stake in Ring Energy by 458.1% in the third quarter. Millennium Management LLC now owns 177,326 shares of the company’s stock worth $290,000 after purchasing an additional 145,552 shares during the period. Granahan Investment Management Inc. MA grew its stake in Ring Energy by 32.3% in the third quarter. Granahan Investment Management Inc. MA now owns 1,959,701 shares of the company’s stock worth $3,214,000 after purchasing an additional 478,428 shares during the period. Barclays PLC grew its stake in Ring Energy by 151.6% in the third quarter. Barclays PLC now owns 212,235 shares of the company’s stock worth $349,000 after purchasing an additional 127,891 shares during the period. Ancora Advisors LLC purchased a new stake in Ring Energy in the third quarter worth $410,000. Finally, State Street Corp grew its stake in Ring Energy by 6.9% in the third quarter. State Street Corp now owns 1,845,535 shares of the company’s stock worth $3,027,000 after purchasing an additional 118,420 shares during the period.

Ring Energy Company Profile (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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