Short Interest in Ring Energy Inc (REI) Decreases By 11.8%

Ring Energy Inc (NYSEAMERICAN:REI) saw a significant decrease in short interest in October. As of October 15th, there was short interest totalling 6,569,599 shares, a decrease of 11.8% from the September 28th total of 7,449,391 shares. Approximately 11.5% of the company’s shares are short sold. Based on an average trading volume of 1,630,285 shares, the days-to-cover ratio is presently 4.0 days.

NYSEAMERICAN:REI opened at $7.45 on Friday. Ring Energy has a 52-week low of $7.31 and a 52-week high of $17.35.

Ring Energy (NYSEAMERICAN:REI) last posted its quarterly earnings data on Wednesday, August 8th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.04). The firm had revenue of $29.93 million for the quarter, compared to the consensus estimate of $30.05 million. Ring Energy had a return on equity of 3.75% and a net margin of 18.47%.



In other Ring Energy news, insider Daniel D. Wilson sold 25,000 shares of the stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $11.13, for a total value of $278,250.00. Following the completion of the sale, the insider now directly owns 40,000 shares in the company, valued at $445,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President David A. Fowler sold 10,000 shares of the stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $11.54, for a total value of $115,400.00. Following the completion of the sale, the president now owns 135,200 shares of the company’s stock, valued at $1,560,208. The disclosure for this sale can be found here. Insiders sold 370,375 shares of company stock valued at $4,183,691 over the last 90 days.

Large investors have recently bought and sold shares of the stock. Neuburgh Advisers LLC grew its holdings in shares of Ring Energy by 103.5% during the second quarter. Neuburgh Advisers LLC now owns 9,962 shares of the company’s stock worth $126,000 after buying an additional 5,066 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Ring Energy during the second quarter worth about $145,000. CIBC World Markets Inc. bought a new position in shares of Ring Energy during the second quarter worth about $151,000. Jane Street Group LLC bought a new position in shares of Ring Energy during the second quarter worth about $165,000. Finally, Cubist Systematic Strategies LLC bought a new position in Ring Energy in the first quarter valued at approximately $170,000.

REI has been the subject of several recent analyst reports. Seaport Global Securities downgraded Ring Energy from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $20.00 to $12.00 in a report on Tuesday, October 2nd. Zacks Investment Research downgraded Ring Energy from a “hold” rating to a “sell” rating in a report on Thursday, September 20th. Finally, Imperial Capital set a $15.00 price target on Ring Energy and gave the stock an “outperform” rating in a report on Thursday, October 4th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Ring Energy presently has an average rating of “Buy” and a consensus price target of $17.89.

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, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.

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