Shares of Ring Energy Inc (NYSEAMERICAN:REI) have been given a consensus recommendation of “Buy” by the nine research firms that are covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $8.00.
Several equities research analysts have weighed in on the company. Imperial Capital lowered their target price on Ring Energy from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, August 22nd. Johnson Rice assumed coverage on Ring Energy in a report on Tuesday, May 28th. They issued a “buy” rating for the company. LADENBURG THALM/SH SH cut Ring Energy from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $5.00 to $3.00 in a report on Monday, August 26th. Finally, Zacks Investment Research cut Ring Energy from a “buy” rating to a “hold” rating in a report on Thursday, July 25th.
REI traded down $0.01 during trading hours on Friday, reaching $1.39. 43,542 shares of the company’s stock traded hands, compared to its average volume of 782,314. Ring Energy has a 52-week low of $1.23 and a 52-week high of $11.80.
In other Ring Energy news, CFO William Randall Broaddrick bought 25,000 shares of Ring Energy stock in a transaction that occurred on Tuesday, September 10th. The shares were bought at an average cost of $1.69 per share, with a total value of $42,250.00. Following the transaction, the chief financial officer now directly owns 50,000 shares of the company’s stock, valued at approximately $84,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President David A. Fowler bought 20,750 shares of Ring Energy stock in a transaction that occurred on Tuesday, September 10th. The shares were acquired at an average cost of $1.66 per share, for a total transaction of $34,445.00. Following the completion of the transaction, the president now directly owns 152,900 shares in the company, valued at $253,814. The disclosure for this purchase can be found here. Insiders have purchased a total of 83,250 shares of company stock valued at $133,470 over the last 90 days.
Large investors have recently made changes to their positions in the stock. Atria Investments LLC acquired a new stake in shares of Ring Energy during the 2nd quarter valued at $643,000. BNP Paribas Arbitrage SA raised its holdings in Ring Energy by 62,700.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 11,932 shares of the company’s stock worth $70,000 after acquiring an additional 11,913 shares during the period. SG Americas Securities LLC bought a new position in Ring Energy in the 1st quarter worth $103,000. Marshall Wace North America L.P. bought a new position in Ring Energy in the 1st quarter worth $106,000. Finally, Creative Planning bought a new position in Ring Energy in the 1st quarter worth $107,000.
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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