Ring Energy Inc (NYSEAMERICAN:REI) fell 6.9% on Thursday . The company traded as low as $10.55 and last traded at $10.56. 502,544 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 685,956 shares. The stock had previously closed at $11.34.
Separately, Zacks Investment Research upgraded Ring Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, July 5th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $19.14.
Ring Energy (NYSEAMERICAN:REI) last issued its quarterly earnings data on Wednesday, August 8th. The company reported $0.09 EPS for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.04). The company had revenue of $29.93 million for the quarter, compared to the consensus estimate of $30.05 million. Ring Energy had a return on equity of 3.75% and a net margin of 18.47%.
In related news, President David A. Fowler sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $11.54, for a total transaction of $115,400.00. Following the completion of the transaction, the president now directly owns 135,200 shares in the company, valued at approximately $1,560,208. The sale was disclosed in a document filed with the SEC, which is available through this link.
Hedge funds have recently made changes to their positions in the business. Neuburgh Advisers LLC boosted its position in Ring Energy by 103.5% during the 2nd quarter. Neuburgh Advisers LLC now owns 9,962 shares of the company’s stock worth $126,000 after acquiring an additional 5,066 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Ring Energy during the 2nd quarter worth $145,000. Profund Advisors LLC acquired a new position in Ring Energy during the 1st quarter worth $146,000. CIBC World Markets Inc. acquired a new position in Ring Energy during the 2nd quarter worth $151,000. Finally, Jane Street Group LLC acquired a new position in Ring Energy during the 2nd quarter worth $165,000.
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, 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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