Ring Energy Inc (NYSEAMERICAN:REI) – Equities researchers at Imperial Capital reduced their Q3 2019 earnings estimates for Ring Energy in a research report issued on Thursday, October 17th. Imperial Capital analyst J. Wangler now expects that the company will earn $0.08 per share for the quarter, down from their previous estimate of $0.13. Imperial Capital has a “Outperform” rating and a $4.00 price target on the stock. Imperial Capital also issued estimates for Ring Energy’s Q4 2019 earnings at $0.13 EPS, FY2019 earnings at $0.50 EPS and FY2020 earnings at $0.54 EPS.
Ring Energy (NYSEAMERICAN:REI) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.04. The firm had revenue of $51.33 million during the quarter, compared to analyst estimates of $49.66 million.
REI stock opened at $1.70 on Monday. Ring Energy has a fifty-two week low of $1.23 and a fifty-two week high of $8.23. The firm’s 50-day simple moving average is $1.65 and its 200 day simple moving average is $3.64.
In related news, CFO William Randall Broaddrick bought 25,000 shares of the stock in a transaction on Tuesday, September 10th. The shares were purchased at an average price of $1.69 per share, with a total value of $42,250.00. Following the purchase, the chief financial officer now owns 50,000 shares in the company, valued at $84,500. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kelly W. Hoffman bought 22,000 shares of the stock in a transaction on Wednesday, September 11th. The shares were bought at an average cost of $1.60 per share, for a total transaction of $35,200.00. Following the purchase, the chief executive officer now owns 59,546 shares in the company, valued at approximately $95,273.60. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 115,250 shares of company stock worth $183,370.
Several institutional investors and hedge funds have recently made changes to their positions in REI. United Services Automobile Association grew its stake in shares of Ring Energy by 78.0% in the 2nd quarter. United Services Automobile Association now owns 1,485,522 shares of the company’s stock worth $4,828,000 after purchasing an additional 651,100 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Ring Energy by 218.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 688,102 shares of the company’s stock worth $2,215,000 after purchasing an additional 471,744 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Ring Energy by 12.7% in the 2nd quarter. Vanguard Group Inc. now owns 4,095,405 shares of the company’s stock worth $13,311,000 after purchasing an additional 463,042 shares during the last quarter. Morgan Stanley grew its stake in shares of Ring Energy by 1,141.7% in the 2nd quarter. Morgan Stanley now owns 402,222 shares of the company’s stock worth $1,307,000 after purchasing an additional 369,830 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Ring Energy by 1,030.1% in the 2nd quarter. Marshall Wace LLP now owns 399,587 shares of the company’s stock worth $1,299,000 after purchasing an additional 364,229 shares during the last quarter.
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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