Ring Energy Inc (NYSEAMERICAN:REI) was the recipient of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 11,850,000 shares, an increase of 5.9% from the January 15th total of 11,190,000 shares. Based on an average daily volume of 1,050,000 shares, the days-to-cover ratio is presently 11.3 days. Currently, 23.2% of the company’s stock are short sold.
Several institutional investors have recently modified their holdings of the company. Group One Trading L.P. grew its holdings in shares of Ring Energy by 30.9% in the fourth quarter. Group One Trading L.P. now owns 21,196 shares of the company’s stock valued at $56,000 after acquiring an additional 5,000 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Ring Energy by 3.2% in the third quarter. Rhumbline Advisers now owns 201,917 shares of the company’s stock valued at $331,000 after acquiring an additional 6,258 shares in the last quarter. New York State Teachers Retirement System grew its holdings in shares of Ring Energy by 32.5% in the fourth quarter. New York State Teachers Retirement System now owns 32,175 shares of the company’s stock valued at $85,000 after acquiring an additional 7,900 shares in the last quarter. Advisor Partners LLC bought a new position in shares of Ring Energy in the fourth quarter valued at approximately $31,000. Finally, SG Americas Securities LLC bought a new position in shares of Ring Energy in the fourth quarter valued at approximately $33,000.
Shares of Ring Energy stock opened at $1.97 on Friday. Ring Energy has a 52 week low of $1.23 and a 52 week high of $6.59. The business has a 50 day moving average of $1.65.
Several analysts have recently commented on the company. Northland Securities set a $2.80 price objective on Ring Energy and gave the stock a “buy” rating in a research note on Monday, October 21st. Zacks Investment Research downgraded Ring Energy from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $3.08.
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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