Shares of Ring Energy (NYSE:REI) have earned a consensus rating of “Buy” from the seven analysts that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $18.75.
A number of equities research analysts have commented on REI shares. Northland Securities set a $20.00 price target on Ring Energy and gave the company a “buy” rating in a research note on Saturday, October 21st. Roth Capital set a $20.00 price target on Ring Energy and gave the company a “buy” rating in a research note on Friday, October 6th. Zacks Investment Research upgraded Ring Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, Imperial Capital started coverage on Ring Energy in a research note on Tuesday, August 15th. They issued an “outperform” rating and a $18.00 price target for the company.
Ring Energy (REI) traded up 0.40% during midday trading on Friday, reaching $12.61. The company had a trading volume of 238,758 shares. Ring Energy has a 1-year low of $8.76 and a 1-year high of $14.67. The firm has a 50-day moving average of $13.09 and a 200 day moving average of $12.77. The company’s market capitalization is $682.77 million.
Ring Energy (NYSE:REI) last released its quarterly earnings results on Tuesday, August 8th. The company reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. The business had revenue of $14.50 million during the quarter, compared to analysts’ expectations of $14.20 million. On average, equities research analysts forecast that Ring Energy will post $0.18 EPS for the current year.
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Several large investors have recently made changes to their positions in REI. Daruma Capital Management LLC raised its stake in shares of Ring Energy by 1,661.2% in the second quarter. Daruma Capital Management LLC now owns 2,232,367 shares of the company’s stock worth $29,021,000 after purchasing an additional 2,105,611 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Ring Energy by 347.6% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,714,750 shares of the company’s stock worth $24,847,000 after purchasing an additional 1,331,650 shares during the last quarter. Pembroke Management LTD purchased a new position in shares of Ring Energy in the second quarter worth about $11,791,000. Kennedy Capital Management Inc. purchased a new position in shares of Ring Energy in the second quarter worth about $5,691,000. Finally, Royal Bank of Canada raised its stake in shares of Ring Energy by 12.9% in the second quarter. Royal Bank of Canada now owns 3,749,444 shares of the company’s stock worth $48,743,000 after purchasing an additional 428,570 shares during the last quarter.
About Ring Energy
Ring Energy, Inc acquires, explores for, develops, and produces oil and natural gas in Texas and Kansas, the United States. As of December 31, 2016, its proved reserves consisted of approximately 27.7 million barrel of oil equivalent. The company also owns interests in 32,663 net developed and undeveloped acres in Andrews and Gaines counties, and 20,490 net developed and undeveloped acres in Reeves and Culberson counties, Texas; and 14,549 net developed and undeveloped acres in Kansas.
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