Ring Energy (REI) Receives Consensus Rating of “Buy” from Brokerages
Ring Energy (NYSE:REI) has received a consensus rating of “Buy” from the eight research firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $17.70.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Ring Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Canaccord Genuity reissued a “buy” rating on shares of Ring Energy in a research report on Wednesday, April 5th. Ladenburg Thalmann Financial Services reissued a “buy” rating and set a $17.00 price objective (up previously from $15.00) on shares of Ring Energy in a research report on Saturday, April 22nd. Finally, Roth Capital set a $19.00 price objective on shares of Ring Energy and gave the company a “buy” rating in a research report on Monday, April 17th.
In related news, CEO Kelly W. Hoffman sold 60,000 shares of Ring Energy stock in a transaction on Wednesday, April 19th. The shares were sold at an average price of $12.00, for a total transaction of $720,000.00. Following the transaction, the chief executive officer now owns 67,546 shares in the company, valued at approximately $810,552. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. boosted its position in Ring Energy by 11.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 8,090 shares of the company’s stock worth $105,000 after buying an additional 835 shares during the period. MARSHALL WACE ASIA Ltd purchased a new position in Ring Energy during the first quarter worth $126,000. Marshall Wace North America L.P. purchased a new position in Ring Energy during the first quarter worth $126,000. Greenwood Capital Associates LLC boosted its position in Ring Energy by 5.3% in the first quarter. Greenwood Capital Associates LLC now owns 13,741 shares of the company’s stock worth $149,000 after buying an additional 695 shares during the period. Finally, Alliancebernstein L.P. purchased a new position in Ring Energy during the first quarter worth $155,000.
Ring Energy (NYSE REI) traded down 7.36% on Tuesday, hitting $12.47. 3,106,763 shares of the stock traded hands. The stock’s market cap is $613.10 million. The company’s 50 day moving average price is $12.79 and its 200-day moving average price is $12.32. Ring Energy has a 52-week low of $7.48 and a 52-week high of $14.14.
Ring Energy (NYSE:REI) last issued its quarterly earnings data on Tuesday, May 9th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. The business had revenue of $12.24 million for the quarter, compared to the consensus estimate of $11.47 million. On average, analysts forecast that Ring Energy will post $0.20 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION NOTICE: This piece was first posted by American Banking News and is the sole property of of American Banking News. If you are viewing this piece on another domain, it was illegally copied and reposted in violation of US & international copyright and trademark legislation. The correct version of this piece can be read at https://www.americanbankingnews.com/2017/07/18/ring-energy-rei-receives-consensus-rating-of-buy-from-brokerages.html.
Ring Energy Company Profile
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.