$27.49 Million in Sales Expected for Ring Energy, Inc. (REI) This Quarter

Wall Street brokerages expect that Ring Energy, Inc. (NASDAQ:REI) will report sales of $27.49 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Ring Energy’s earnings, with the lowest sales estimate coming in at $22.80 million and the highest estimate coming in at $32.60 million. Ring Energy posted sales of $29.89 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 8%. The firm is scheduled to report its next quarterly earnings results on Tuesday, May 14th.

According to Zacks, analysts expect that Ring Energy will report full year sales of $188.99 million for the current year, with estimates ranging from $176.16 million to $208.00 million. For the next year, analysts forecast that the firm will report sales of $266.96 million, with estimates ranging from $213.30 million to $333.00 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Ring Energy.

Ring Energy (NASDAQ:REI) last released its quarterly earnings results on Tuesday, February 26th. The company reported $0.07 earnings per share (EPS) for the quarter. The company had revenue of $27.56 million during the quarter, compared to the consensus estimate of $28.70 million.

A number of equities analysts have weighed in on REI shares. Capital One Financial downgraded shares of Ring Energy from an “overweight” rating to an “equal weight” rating in a research note on Thursday, December 20th. BidaskClub raised shares of Ring Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, April 9th.

Shares of NASDAQ REI traded up $0.04 on Wednesday, reaching $5.30. 407,800 shares of the company’s stock traded hands, compared to its average volume of 547,522. Ring Energy has a 12 month low of $4.01 and a 12 month high of $17.35.

Ring Energy Company Profile

Ring Energy, Inc acquires, explores for, develops, and produces oil and natural gas in Texas and Kansas, the United States. As of December 31, 2016, its proved reserves consisted of approximately 27.7 million barrel of oil equivalent. The company also owns interests in 32,663 net developed and undeveloped acres in Andrews and Gaines counties, and 20,490 net developed and undeveloped acres in Reeves and Culberson counties, Texas; and 14,549 net developed and undeveloped acres in Kansas.

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