Ring Energy (NYSEAMERICAN:REI) Issues Earnings Results, Beats Expectations By $0.20 EPS

Ring Energy (NYSEAMERICAN:REI) announced its quarterly earnings results on Wednesday. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.20, FiscalAI reports. Ring Energy had a positive return on equity of 5.10% and a negative net margin of 87.63%.The business had revenue of $104.68 million during the quarter, compared to the consensus estimate of $93.29 million.

Ring Energy Stock Performance

REI stock traded down $0.03 during trading hours on Wednesday, hitting $1.23. 3,861,632 shares of the stock were exchanged, compared to its average volume of 5,025,150. The company has a 50-day simple moving average of $1.20 and a two-hundred day simple moving average of $1.32. The firm has a market capitalization of $257.57 million, a P/E ratio of -0.97, a P/E/G ratio of 0.27 and a beta of 0.79. Ring Energy has a 12 month low of $0.73 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.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Zacks Research downgraded shares of Ring Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, June 26th. Bank of America began coverage on shares of Ring Energy in a research note on Wednesday, July 15th. They set a “buy” rating and a $2.00 target price for the company. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Ring Energy currently has an average rating of “Moderate Buy” and an average target price of $2.00.

Insider Transactions at Ring Energy

In other Ring Energy news, EVP Sundip Singh Johl purchased 231,000 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were acquired at an average cost of $1.21 per share, with a total value of $279,510.00. Following the completion of the transaction, the executive vice president owned 548,460 shares in the company, valued at $663,636.60. The trade was a 72.77% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul D. Mckinney acquired 50,000 shares of the company’s stock in a transaction on Monday, June 15th. The stock was acquired at an average price of $1.19 per share, with a total value of $59,500.00. Following the purchase, the chief executive officer directly owned 4,158,463 shares in the company, valued at approximately $4,948,570.97. This represents a 1.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 3.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ring Energy

A number of hedge funds have recently added to or reduced their stakes in REI. Van Den Berg Management I Inc. lifted its position in shares of Ring Energy by 39.9% during the 3rd quarter. Van Den Berg Management I Inc. now owns 50,884 shares of the company’s stock valued at $55,000 after acquiring an additional 14,523 shares during the period. Centiva Capital LP bought a new stake in Ring Energy during the third quarter worth about $26,000. HRT Financial LP acquired a new stake in Ring Energy during the fourth quarter worth about $31,000. Dynamic Technology Lab Private Ltd bought a new position in Ring Energy in the 1st quarter valued at about $42,000. Finally, Virtu Financial LLC bought a new position in Ring Energy in the 3rd quarter valued at about $41,000. Institutional investors own 77.14% of the company’s stock.

Ring Energy Company Profile

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.