Ring Energy (NYSEAMERICAN:REI) Research Coverage Started at Bank of America

Bank of America started coverage on shares of Ring Energy (NYSEAMERICAN:REI) in a research report released on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $2.00 price target on the stock.

Separately, Zacks Research downgraded Ring Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $2.00.

Ring Energy Price Performance

Ring Energy stock opened at $1.23 on Wednesday. The stock has a market cap of $257.57 million, a P/E ratio of -0.97, a price-to-earnings-growth ratio of 0.26 and a beta of 0.80. The company has a fifty day simple moving average of $1.24 and a 200-day simple moving average of $1.29. Ring Energy has a 12-month low of $0.72 and a 12-month high of $2.00. The company has a current ratio of 0.40, a quick ratio of 0.36 and a debt-to-equity ratio of 0.69.

Ring Energy (NYSEAMERICAN:REI) last posted its earnings results on Wednesday, May 6th. The company reported $0.04 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $73.67 million for the quarter, compared to analyst estimates of $69.90 million. Equities analysts expect that Ring Energy will post 0.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Sundip Singh Johl bought 231,000 shares of the stock in a transaction dated Monday, June 15th. The stock was acquired at an average price of $1.21 per share, for a total transaction of $279,510.00. Following the acquisition, the executive vice president owned 548,460 shares in the company, valued at approximately $663,636.60. This represents a 72.77% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Paul D. Mckinney bought 50,000 shares of the stock in a transaction dated Monday, June 15th. The stock was bought at an average price of $1.19 per share, with a total value of $59,500.00. Following the acquisition, the chief executive officer owned 4,158,463 shares in the company, valued at approximately $4,948,570.97. This represents a 1.22% increase in their position. The disclosure for this purchase is available in the SEC filing. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ring Energy

Several hedge funds and other institutional investors have recently bought and sold shares of REI. Royal Fund Management LLC acquired a new position in Ring Energy in the fourth quarter valued at $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% in the 4th quarter. DGS Capital Management LLC now owns 31,196 shares of the company’s stock valued at $27,000 after purchasing an additional 12,331 shares during the last quarter. HRT Financial LP purchased a new stake in shares of Ring Energy in the 4th quarter valued at about $31,000. Finally, Jump Financial LLC purchased a new stake in shares of Ring Energy in the 2nd quarter valued at about $31,000. 77.14% of the stock is currently owned by institutional investors and hedge funds.

About Ring Energy

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.