Ring Energy (NYSE:REI) saw a significant drop in short interest in the month of October. As of October 13th, there was short interest totalling 3,493,649 shares, a drop of 37.0% from the September 29th total of 5,544,833 shares. Approximately 7.0% of the company’s stock are short sold. Based on an average daily volume of 211,654 shares, the short-interest ratio is currently 16.5 days.

A number of analysts have recently issued reports on REI shares. Roth Capital set a $20.00 price objective on shares of Ring Energy and gave the company a “buy” rating in a research note on Friday, October 6th. Northland Securities set a $20.00 price objective on shares of Ring Energy and gave the company a “buy” rating in a research note on Saturday. Zacks Investment Research upgraded shares of Ring Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, Imperial Capital started coverage on shares of Ring Energy in a research note on Tuesday, August 15th. They set an “outperform” rating and a $18.00 price objective on the stock. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Ring Energy presently has a consensus rating of “Buy” and an average target price of $18.60.

Shares of Ring Energy (NYSE:REI) traded down 0.74% during mid-day trading on Tuesday, hitting $12.02. 350,320 shares of the company were exchanged. The stock’s market cap is $650.82 million. The stock’s 50-day moving average price is $13.16 and its 200 day moving average price is $12.78. Ring Energy has a 12-month low of $8.76 and a 12-month high of $14.67.

Ring Energy (NYSE:REI) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $14.50 million during the quarter, compared to the consensus estimate of $14.20 million. On average, equities analysts anticipate that Ring Energy will post $0.18 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Legal & General Group Plc boosted its position in shares of Ring Energy by 4.9% in the second quarter. Legal & General Group Plc now owns 9,869 shares of the company’s stock valued at $128,000 after acquiring an additional 463 shares during the period. Teachers Advisors LLC boosted its position in shares of Ring Energy by 2.5% in the first quarter. Teachers Advisors LLC now owns 76,346 shares of the company’s stock valued at $826,000 after acquiring an additional 1,856 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Ring Energy by 12.5% in the second quarter. The Manufacturers Life Insurance Company now owns 35,311 shares of the company’s stock valued at $460,000 after acquiring an additional 3,923 shares during the period. Voya Investment Management LLC boosted its position in shares of Ring Energy by 24.4% in the second quarter. Voya Investment Management LLC now owns 21,296 shares of the company’s stock valued at $277,000 after acquiring an additional 4,179 shares during the period. Finally, American International Group Inc. boosted its position in shares of Ring Energy by 21.9% in the first quarter. American International Group Inc. now owns 25,070 shares of the company’s stock valued at $271,000 after acquiring an additional 4,509 shares during the period.

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Ring Energy Company Profile

Ring Energy, Inc acquires, explores for, develops, and produces oil and natural gas in Texas and Kansas, the United States. As of December 31, 2016, its proved reserves consisted of approximately 27.7 million barrel of oil equivalent. The company also owns interests in 32,663 net developed and undeveloped acres in Andrews and Gaines counties, and 20,490 net developed and undeveloped acres in Reeves and Culberson counties, Texas; and 14,549 net developed and undeveloped acres in Kansas.

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