Ring Energy Inc (NYSEAMERICAN:REI) – Research analysts at Imperial Capital dropped their Q3 2019 earnings estimates for shares of Ring Energy in a report issued on Thursday, October 17th. Imperial Capital analyst J. Wangler now anticipates that the company will post earnings per share of $0.08 for the quarter, down from their prior forecast of $0.13. Imperial Capital currently has a “Outperform” rating and a $4.00 target price on the stock. Imperial Capital also issued estimates for Ring Energy’s Q4 2019 earnings at $0.13 EPS, FY2019 earnings at $0.50 EPS and FY2020 earnings at $0.54 EPS.
Several other research firms also recently commented on REI. Zacks Investment Research downgraded shares of Ring Energy from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. LADENBURG THALM/SH SH downgraded shares of Ring Energy from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $5.00 to $3.00 in a research note on Monday, August 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $6.30.
NYSEAMERICAN:REI opened at $1.70 on Monday. The company has a fifty day simple moving average of $1.65 and a two-hundred day simple moving average of $3.64. Ring Energy has a 52 week low of $1.23 and a 52 week high of $8.23.
Ring Energy (NYSEAMERICAN:REI) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.04. The business had revenue of $51.33 million during the quarter, compared to analyst estimates of $49.66 million.
In other news, CEO Kelly W. Hoffman bought 22,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was purchased at an average price of $1.60 per share, for a total transaction of $35,200.00. Following the completion of the purchase, the chief executive officer now owns 59,546 shares in the company, valued at approximately $95,273.60. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President David A. Fowler bought 20,750 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were purchased at an average price of $1.66 per share, with a total value of $34,445.00. Following the purchase, the president now owns 152,900 shares of the company’s stock, valued at approximately $253,814. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 115,250 shares of company stock valued at $183,370.
Several hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue lifted its position in 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 acquiring an additional 25,495 shares during the last quarter. Magnus Financial Group LLC purchased a new stake in Ring Energy in the second quarter valued at $78,000. WINTON GROUP Ltd lifted its position in Ring Energy by 23.8% in the second quarter. WINTON GROUP Ltd now owns 26,620 shares of the company’s stock valued at $87,000 after acquiring an additional 5,119 shares during the last quarter. Jane Street Group LLC purchased a new stake in Ring Energy in the second quarter valued at $88,000. Finally, Marshall Wace North America L.P. purchased a new stake in Ring Energy in the first quarter valued at $106,000.
About Ring Energy
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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