Northland Securities restated their buy rating on shares of Ring Energy (NYSEAMERICAN:REI) in a research note released on Tuesday, AnalystRatings.com reports. The brokerage currently has a $9.00 target price on the stock.
“We reiterate our Outperform rating and $9 PT. Production: REI announced 1Q19 production and pricing that imply higher 1Q19 revenue. Production averaged 6,324 BOEPD, below our street-low estimate of 6,593 BOEPD and consensus of 7,245 BOEPD, largely due to few well completions in the quarter. Realized prices of $47.40/BOE were higher than our estimate of $41.88/BOE due to narrower oil differentials. The update implies 1Q19 revenue of ~$27MM, above our estimate of ~$25MM but below consensus of ~$29MM. Additionally, March 2019 production of 6,381 BOEPD is lower than December 2018 production of 6,908 BOEPD but higher than January 2019 production of ~6,100 BOEPD.”,” Northland Securities’ analyst commented.
A number of other research analysts have also recently issued reports on REI. Zacks Investment Research cut shares of Ring Energy from a hold rating to a sell rating in a report on Wednesday, January 16th. Imperial Capital set a $8.00 target price on shares of Ring Energy and gave the company a buy rating in a report on Friday, December 28th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $12.00.
Ring Energy (NYSEAMERICAN:REI) last posted its quarterly earnings results on Tuesday, February 26th. The company reported $0.07 earnings per share (EPS) for the quarter. The firm had revenue of $27.56 million for the quarter, compared to analysts’ expectations of $28.70 million.
A number of hedge funds and other institutional investors have recently made changes to their positions in REI. Cannell Capital LLC boosted its position in Ring Energy by 87.6% during the fourth quarter. Cannell Capital LLC now owns 3,039,848 shares of the company’s stock worth $15,442,000 after acquiring an additional 1,419,332 shares during the last quarter. Principal Financial Group Inc. boosted its position in Ring Energy by 74.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,948,946 shares of the company’s stock worth $9,901,000 after acquiring an additional 831,506 shares during the last quarter. BlackRock Inc. boosted its position in Ring Energy by 10.5% during the third quarter. BlackRock Inc. now owns 8,587,382 shares of the company’s stock worth $85,102,000 after acquiring an additional 814,599 shares during the last quarter. Peregrine Capital Management LLC boosted its position in Ring Energy by 193.3% during the fourth quarter. Peregrine Capital Management LLC now owns 1,039,830 shares of the company’s stock worth $5,282,000 after acquiring an additional 685,253 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Ring Energy by 22.3% during the third quarter. Dimensional Fund Advisors LP now owns 3,573,842 shares of the company’s stock worth $35,417,000 after acquiring an additional 651,017 shares during the last quarter.
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.
Featured Story: Are 12b-1 Fees Affecting Your Mutual Fund Performance?
Receive News & Ratings for Ring Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ring Energy and related companies with MarketBeat.com's FREE daily email newsletter.