Key Points
- Ring Energy EVP Sundip Singh Johl bought 231,000 shares at $1.21 each, spending $279,510 and boosting his direct ownership by 72.77% to 548,460 shares.
- The stock was down 4.3% and opened at $1.12, with a market cap of about $234.5 million and a 12-month trading range of $0.72 to $2.00.
- Ring Energy recently beat quarterly earnings expectations with EPS of $0.04 versus $0.03 expected, while analysts currently rate the stock a Strong Buy with a $2.50 average target price.
Ring Energy, Inc. (NYSEAMERICAN:REI - Get Free Report) CEO Paul Mckinney purchased 50,000 shares of the company's stock in a transaction dated Monday, June 15th. The shares were acquired at an average price of $1.19 per share, for a total transaction of $59,500.00. Following the purchase, the chief executive officer directly owned 4,158,463 shares of the company's stock, valued at approximately $4,948,570.97. The trade was a 1.22% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.
Ring Energy Price Performance
Shares of REI stock opened at $1.12 on Wednesday. Ring Energy, Inc. has a fifty-two week low of $0.72 and a fifty-two week high of $2.00. The firm has a market capitalization of $234.54 million, a price-to-earnings ratio of -0.88 and a beta of 0.80. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.36 and a current ratio of 0.40. The stock's 50-day simple moving average is $1.42 and its 200-day simple moving average is $1.26.
Ring Energy (NYSEAMERICAN:REI - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.04 earnings per share for the quarter, topping analysts' consensus estimates of $0.03 by $0.01. Ring Energy had a positive return on equity of 5.10% and a negative net margin of 87.63%.The business had revenue of $73.67 million for the quarter, compared to analyst estimates of $69.90 million. As a group, equities analysts forecast that Ring Energy, Inc. will post 0.25 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Ring Energy
A number of institutional investors and hedge funds have recently modified their holdings of REI. Royal Fund Management LLC acquired a new stake in shares of Ring Energy during the fourth quarter worth about $26,000. Centiva Capital LP acquired a new stake in shares of Ring Energy during the third quarter worth about $26,000. DGS Capital Management LLC lifted its holdings in shares of Ring Energy by 65.4% during the fourth quarter. DGS Capital Management LLC now owns 31,196 shares of the company's stock worth $27,000 after purchasing an additional 12,331 shares during the period. Wealthcare Advisory Partners LLC acquired a new stake in shares of Ring Energy during the third quarter worth about $31,000. Finally, HRT Financial LP acquired a new stake in shares of Ring Energy during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 77.14% of the company's stock.
Analysts Set New Price Targets
Separately, Zacks Research upgraded Ring Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to data from MarketBeat.com, Ring Energy presently has a consensus rating of "Strong Buy" and an average price target of $2.50.
View Our Latest Report on REI
About Ring Energy
(
Get Free Report)
Ring Energy, Inc is an independent oil and natural gas exploration and production company focused on the development, acquisition and operation of upstream assets in the United States. Headquartered in Odessa, Texas, the company concentrates its activities on onshore hydrocarbon plays, where it seeks to optimize production through technical innovation, cost management and disciplined capital allocation. Ring Energy trades on the NYSE American under the ticker symbol REI.
The company's core operations are centered in the Permian Basin, one of North America's most prolific oil-producing regions.
Further Reading
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