Ring Energy (NYSEAMERICAN:REI) posted its quarterly earnings data on Tuesday. The company reported $0.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.03, Morningstar.com reports. The company had revenue of $32.69 million for the quarter, compared to analysts’ expectations of $30.83 million.
REI stock traded up $0.12 during midday trading on Wednesday, hitting $7.52. The company’s stock had a trading volume of 52,306 shares, compared to its average volume of 731,034. Ring Energy has a 52-week low of $6.75 and a 52-week high of $17.35.
A number of equities analysts recently weighed in on REI shares. Zacks Investment Research cut shares of Ring Energy from a “hold” rating to a “sell” rating in a research report on Thursday, September 20th. Seaport Global Securities cut shares of Ring Energy from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $20.00 to $12.00 in a research report on Tuesday, October 2nd. Imperial Capital set a $15.00 price objective on shares of Ring Energy and gave the stock an “outperform” rating in a research report on Thursday, October 4th. Finally, Ifs Securities reaffirmed an “outperform” rating on shares of Ring Energy in a research report on Monday, October 29th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $17.89.
Institutional investors have recently added to or reduced their stakes in the company. 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 worth $126,000 after acquiring an additional 5,066 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Ring Energy during the 2nd quarter worth $145,000. CIBC World Markets Inc. acquired a new stake in Ring Energy during the 2nd quarter worth $151,000. Jane Street Group LLC acquired a new stake in Ring Energy during the 2nd quarter worth $165,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Ring Energy during the 1st quarter worth $170,000.
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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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