Ring Energy Inc (NYSEAMERICAN:REI) Sees Significant Growth in Short Interest

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Ring Energy Inc (NYSEAMERICAN:REI) was the recipient of a significant increase in short interest in October. As of October 31st, there was short interest totalling 9,520,000 shares, an increase of 18.1% from the September 30th total of 8,060,000 shares. Based on an average daily trading volume, of 1,340,000 shares, the days-to-cover ratio is presently 7.1 days. Approximately 17.6% of the company’s shares are short sold.

Several equities research analysts have issued reports on the company. Imperial Capital cut their target price on Ring Energy from $6.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday, August 22nd. Northland Securities set a $2.80 target price on Ring Energy and gave the stock a “buy” rating in a research note on Monday, October 21st. Zacks Investment Research cut Ring Energy from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Finally, LADENBURG THALM/SH SH cut Ring Energy from a “buy” rating to a “neutral” rating and cut their target price for the stock from $5.00 to $3.00 in a research note on Monday, August 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $5.06.

Shares of NYSEAMERICAN REI opened at $2.23 on Thursday. Ring Energy has a twelve month low of $1.23 and a twelve month high of $7.76. The stock has a fifty day simple moving average of $1.65 and a 200-day simple moving average of $3.64.

In other Ring Energy news, CFO William Randall Broaddrick bought 25,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was bought at an average price of $1.69 per share, with a total value of $42,250.00. Following the completion of the purchase, the chief financial officer now directly owns 50,000 shares in the company, valued at $84,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kelly W. Hoffman bought 22,000 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were acquired at an average cost of $1.60 per share, with a total value of $35,200.00. Following the purchase, the chief executive officer now owns 59,546 shares of the company’s stock, valued at $95,273.60. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 115,250 shares of company stock worth $183,370.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sheaff Brock Investment Advisors LLC grew its stake in shares of Ring Energy by 106.4% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 45,400 shares of the company’s stock valued at $74,000 after buying an additional 23,400 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Ring Energy by 3.2% in the third quarter. Rhumbline Advisers now owns 201,917 shares of the company’s stock valued at $331,000 after buying an additional 6,258 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Ring Energy by 124.9% in the third quarter. State of Alaska Department of Revenue now owns 45,913 shares of the company’s stock valued at $75,000 after buying an additional 25,495 shares in the last quarter. Atria Investments LLC acquired a new stake in shares of Ring Energy in the second quarter valued at $643,000. Finally, United Services Automobile Association grew its stake in shares of Ring Energy by 78.0% in the second quarter. United Services Automobile Association now owns 1,485,522 shares of the company’s stock valued at $4,828,000 after buying an additional 651,100 shares in the last quarter.

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, 2018, the company's proved reserves consisted of approximately 36.6 million barrel of oil equivalent. As of the above date, it also had interests in 17,408 net developed acres and 58,620 net undeveloped acres in Andrews and Gaines counties; and 19,138 net developed acres and 860 net undeveloped acres in Culberson and Reeves counties.

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