Zacks Investment Research Downgrades Ring Energy (REI) to Strong Sell

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Ring Energy (NYSEAMERICAN:REI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday, June 20th.

According to Zacks, “Ring Energy, Inc. is engaged in the exploration and development of oil and gas. The company operates primarily in Texas and Kansas. Ring Energy, Inc. is based in TULSA, United States. “

REI has been the subject of a number of other reports. B. Riley set a $20.00 target price on Ring Energy and gave the stock a “buy” rating in a research report on Tuesday, March 20th. Stephens restated a “buy” rating and issued a $19.00 target price on shares of Ring Energy in a research report on Tuesday, April 24th. One investment analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $19.00.

Shares of Ring Energy opened at $12.62 on Wednesday, according to Marketbeat. Ring Energy has a 12 month low of $11.58 and a 12 month high of $17.35.

Ring Energy (NYSEAMERICAN:REI) last announced its earnings results on Tuesday, May 8th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.04). The business had revenue of $29.89 million for the quarter, compared to analysts’ expectations of $29.57 million. Ring Energy had a return on equity of 3.75% and a net margin of 18.47%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Profund Advisors LLC acquired a new position in shares of Ring Energy in the first quarter worth $146,000. Cubist Systematic Strategies LLC bought a new stake in Ring Energy in the first quarter worth $170,000. Claraphi Advisory Network LLC bought a new stake in Ring Energy in the first quarter worth $190,000. Mason Street Advisors LLC bought a new stake in Ring Energy in the first quarter worth $216,000. Finally, Jefferies Group LLC bought a new stake in Ring Energy in the fourth quarter worth $229,000.

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, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.

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