Ring Energy (REI) Given Average Recommendation of “Buy” by Analysts
Ring Energy (NYSE:REI) has received an average rating of “Buy” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $17.70.
REI has been the topic of a number of recent research reports. Roth Capital set a $19.00 target price on Ring Energy and gave the stock a “buy” rating in a research note on Thursday, March 16th. Zacks Investment Research cut Ring Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, March 1st. Ladenburg Thalmann Financial Services reissued a “buy” rating and issued a $17.00 target price (up from $15.00) on shares of Ring Energy in a research note on Saturday, April 22nd. Finally, Canaccord Genuity reissued a “buy” rating on shares of Ring Energy in a research note on Wednesday, April 5th.
In related news, CEO Kelly W. Hoffman sold 60,000 shares of the stock in a transaction on Wednesday, April 19th. The stock was sold at an average price of $12.00, for a total transaction of $720,000.00. Following the sale, the chief executive officer now directly owns 67,546 shares of the company’s stock, valued at $810,552. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Large investors have recently added to or reduced their stakes in the stock. FMR LLC boosted 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 period. Formula Growth Ltd. boosted its stake in Ring Energy by 29.9% in the first quarter. Formula Growth Ltd. now owns 2,077,964 shares of the company’s stock valued at $22,484,000 after buying an additional 478,125 shares during the period. Vanguard Group Inc. boosted its stake in Ring Energy by 9.6% in the first quarter. Vanguard Group Inc. now owns 1,913,458 shares of the company’s stock valued at $20,704,000 after buying an additional 167,435 shares during the period. Cannell Capital LLC boosted its stake in Ring Energy by 2.8% in the first quarter. Cannell Capital LLC now owns 1,767,301 shares of the company’s stock valued at $19,122,000 after buying an additional 48,097 shares during the period. Finally, Hodges Capital Management Inc. boosted its stake in Ring Energy by 18.3% in the first quarter. Hodges Capital Management Inc. now owns 1,418,125 shares of the company’s stock valued at $15,344,000 after buying an additional 219,540 shares during the period.
Shares of Ring Energy (REI) traded up 5.67% during trading on Friday, reaching $11.74. The company’s stock had a trading volume of 1,225,203 shares. The stock’s 50 day moving average is $12.86 and its 200 day moving average is $12.32. Ring Energy has a one year low of $7.48 and a one year high of $14.14. The firm’s market cap is $577.21 million.
Ring Energy (NYSE:REI) last released its earnings results on Tuesday, May 9th. The company reported $0.03 EPS for the quarter, hitting analysts’ consensus estimates of $0.03. The company had revenue of $12.24 million during the quarter, compared to analysts’ expectations of $11.47 million. On average, equities analysts forecast that Ring Energy will post $0.25 EPS for the current fiscal year.
About Ring Energy
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