Zacks Investment Research downgraded shares of Ring Energy (NYSEAMERICAN:REI) from a hold rating to a strong sell rating in a research note released on Wednesday morning.
According to Zacks, “Ring Energy, Inc. is engaged in the exploration and development of oil and gas. The company operates primarily in Texas and Kansas. Ring Energy, Inc. is based in TULSA, United States. “
Several other research analysts also recently commented on REI. B. Riley set a $20.00 target price on Ring Energy and gave the stock a buy rating in a research note on Friday, March 9th. Stephens reiterated a buy rating and set a $19.00 target price on shares of Ring Energy in a research note on Tuesday, April 24th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $19.00.
Ring Energy opened at $12.71 on Wednesday, Marketbeat reports. Ring Energy has a twelve month low of $11.04 and a twelve month high of $17.35.
Ring Energy (NYSEAMERICAN:REI) last posted its quarterly earnings results on Tuesday, May 8th. The company reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.04). The company had revenue of $29.89 million during the quarter, compared to the consensus estimate of $29.57 million. Ring Energy had a net margin of 18.47% and a return on equity of 3.75%.
Several hedge funds and other institutional investors have recently modified their holdings of REI. Profund Advisors LLC acquired a new stake in Ring Energy during the 1st quarter worth approximately $146,000. Cubist Systematic Strategies LLC acquired a new stake in Ring Energy during the 1st quarter worth approximately $170,000. Claraphi Advisory Network LLC acquired a new stake in Ring Energy during the 1st quarter worth approximately $190,000. Mason Street Advisors LLC acquired a new stake in Ring Energy during the 1st quarter worth approximately $216,000. Finally, BNP Paribas Arbitrage SA lifted its holdings in Ring Energy by 52.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 16,184 shares of the company’s stock worth $232,000 after purchasing an additional 5,582 shares during 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, 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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