Formula Growth Ltd. grew its stake in shares of Ring Energy Inc (NYSEAMERICAN:REI) by 46.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,655,590 shares of the company’s stock after buying an additional 841,226 shares during the period. Ring Energy accounts for 3.7% of Formula Growth Ltd.’s portfolio, making the stock its 3rd biggest holding. Formula Growth Ltd. owned 4.40% of Ring Energy worth $33,514,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently bought and sold shares of REI. Neuburgh Advisers LLC raised its stake in Ring Energy by 103.5% during the 2nd quarter. Neuburgh Advisers LLC now owns 9,962 shares of the company’s stock valued at $126,000 after purchasing an additional 5,066 shares during the period. Profund Advisors LLC bought a new stake in Ring Energy during the 1st quarter valued at approximately $146,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Ring Energy during the 2nd quarter valued at approximately $145,000. Cubist Systematic Strategies LLC bought a new stake in Ring Energy during the 1st quarter valued at approximately $170,000. Finally, CIBC World Markets Inc. bought a new stake in Ring Energy during the 2nd quarter valued at approximately $151,000.
NYSEAMERICAN:REI opened at $11.43 on Wednesday. Ring Energy Inc has a 1 year low of $10.94 and a 1 year high of $17.35.
Ring Energy (NYSEAMERICAN:REI) last released its quarterly earnings data on Wednesday, August 8th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.04). Ring Energy had a return on equity of 3.75% and a net margin of 18.47%. The firm had revenue of $29.93 million during the quarter, compared to the consensus estimate of $30.05 million.
In other Ring Energy news, President David A. Fowler sold 10,000 shares of Ring Energy stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $11.54, for a total value of $115,400.00. Following the sale, the president now owns 135,200 shares of the company’s stock, valued at approximately $1,560,208. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Separately, Zacks Investment Research raised Ring Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 5th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $19.14.
Ring Energy Company Profile
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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