Ring Energy Inc (NYSEAMERICAN:REI) CFO William Randall Broaddrick bought 25,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were bought at an average cost of $1.69 per share, for a total transaction of $42,250.00. Following the transaction, the chief financial officer now owns 50,000 shares in the company, valued at approximately $84,500. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
REI traded down $0.10 during trading hours on Thursday, reaching $1.40. 2,026,300 shares of the company’s stock traded hands, compared to its average volume of 782,314. Ring Energy Inc has a 52-week low of $1.23 and a 52-week high of $11.80.
Ring Energy (NYSEAMERICAN:REI) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.04. The business had revenue of $51.33 million for the quarter, compared to analysts’ expectations of $49.66 million.
A number of equities analysts recently issued reports on the company. Zacks Investment Research cut Ring Energy from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. LADENBURG THALM/SH SH cut Ring Energy from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $5.00 to $3.00 in a report on Monday, August 26th. Johnson Rice assumed coverage on Ring Energy in a report on Tuesday, May 28th. They set a “buy” rating for the company. Finally, Imperial Capital dropped their price objective on Ring Energy from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, August 22nd. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Ring Energy currently has a consensus rating of “Buy” and an average price target of $7.25.
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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