Ring Energy (REI) Announces Quarterly Earnings Results, Meets Expectations
Ring Energy (NYSE:REI) issued its earnings results on Tuesday. The company reported $0.03 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.03. The business had revenue of $12.24 million during the quarter, compared to analyst estimates of $11.47 million.
Ring Energy (NYSE:REI) traded up 4.34% during midday trading on Wednesday, hitting $12.73. The company had a trading volume of 454,347 shares. The firm’s market capitalization is $625.25 million. The firm’s 50 day moving average is $11.44 and its 200-day moving average is $11.96. Ring Energy has a 52 week low of $6.59 and a 52 week high of $14.10.
In other Ring Energy news, CEO Kelly W. Hoffman sold 60,000 shares of the company’s stock in a transaction dated Wednesday, April 19th. The shares were sold at an average price of $12.00, for a total transaction of $720,000.00. Following the completion of the sale, the chief executive officer now directly owns 67,546 shares in the company, valued at $810,552. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.
A number of hedge funds have recently bought and sold shares of the stock. Cortina Asset Management LLC raised its stake in Ring Energy by 4.6% in the fourth quarter. Cortina Asset Management LLC now owns 569,961 shares of the company’s stock valued at $7,404,000 after buying an additional 25,117 shares during the last quarter. FMR LLC raised its stake in Ring Energy by 25.0% in the fourth quarter. FMR LLC now owns 2,100,848 shares of the company’s stock valued at $27,290,000 after buying an additional 420,200 shares during the last quarter. Baird Financial Group Inc. acquired a new stake in Ring Energy during the fourth quarter valued at about $130,000. Dimensional Fund Advisors LP raised its stake in Ring Energy by 55.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 444,867 shares of the company’s stock valued at $5,779,000 after buying an additional 158,775 shares during the last quarter. Finally, Private Advisor Group LLC acquired a new stake in Ring Energy during the fourth quarter valued at about $424,000.
REI has been the topic of a number of research analyst reports. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating and issued a $17.00 target price (up previously from $15.00) on shares of Ring Energy in a report on Saturday, April 22nd. Canaccord Genuity reaffirmed a “buy” rating on shares of Ring Energy in a report on Wednesday, April 5th. Roth Capital set a $19.00 price objective on Ring Energy and gave the company a “buy” rating in a report on Thursday, March 16th. Finally, Zacks Investment Research downgraded Ring Energy from a “hold” rating to a “strong sell” rating in a report on Friday, March 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. Ring Energy has a consensus rating of “Buy” and a consensus price target of $15.81.
Receive News & Ratings for Ring Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ring Energy and related companies with MarketBeat.com's FREE daily email newsletter.