Ring Energy (NYSEAMERICAN:REI) Shares Down 5.7%

Ring Energy Inc (NYSEAMERICAN:REI)’s stock price fell 5.7% during mid-day trading on Thursday . The company traded as low as $2.25 and last traded at $2.31, 959,546 shares traded hands during mid-day trading. An increase of 41% from the average session volume of 680,308 shares. The stock had previously closed at $2.45.

REI has been the topic of a number of research reports. Zacks Investment Research cut shares of Ring Energy from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Northland Securities reaffirmed a “buy” rating and set a $9.00 target price on shares of Ring Energy in a research note on Tuesday, April 23rd. Finally, Johnson Rice initiated coverage on shares of Ring Energy in a research note on Tuesday, May 28th. They set a “buy” rating on the stock. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $8.90.

Ring Energy (NYSEAMERICAN:REI) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.15. The business had revenue of $41.80 million during the quarter, compared to the consensus estimate of $26.53 million.

In other news, CEO Kelly W. Hoffman bought 15,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were acquired at an average price of $3.62 per share, for a total transaction of $54,300.00. Following the completion of the acquisition, the chief executive officer now directly owns 22,546 shares in the company, valued at $81,616.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stanley Myron Mccabe bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was purchased at an average price of $3.68 per share, for a total transaction of $36,800.00. Following the acquisition, the director now owns 1,670,634 shares of the company’s stock, valued at $6,147,933.12. The disclosure for this purchase can be found here. In the last three months, insiders purchased 80,000 shares of company stock worth $300,850.

A number of hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank lifted its holdings in Ring Energy by 5.1% in the first quarter. Comerica Bank now owns 58,724 shares of the company’s stock valued at $334,000 after buying an additional 2,859 shares during the period. Rhumbline Advisers raised its holdings in shares of Ring Energy by 2.0% during the first quarter. Rhumbline Advisers now owns 161,442 shares of the company’s stock valued at $948,000 after purchasing an additional 3,110 shares during the period. Texas Permanent School Fund raised its holdings in shares of Ring Energy by 8.4% during the first quarter. Texas Permanent School Fund now owns 40,356 shares of the company’s stock valued at $237,000 after purchasing an additional 3,116 shares during the period. Arizona State Retirement System raised its holdings in shares of Ring Energy by 4.6% during the first quarter. Arizona State Retirement System now owns 91,688 shares of the company’s stock valued at $538,000 after purchasing an additional 4,049 shares during the period. Finally, Swiss National Bank raised its holdings in shares of Ring Energy by 4.3% during the second quarter. Swiss National Bank now owns 105,832 shares of the company’s stock valued at $344,000 after purchasing an additional 4,400 shares during the period.

About Ring Energy (NYSEAMERICAN:REI)

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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