Ring Energy (REI) Receives Average Rating of “Buy” from Analysts
Ring Energy (NYSE:REI) has been given a consensus rating of “Buy” by the seven brokerages that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $18.75.
A number of equities research analysts recently issued reports on the company. Northland Securities set a $20.00 price target on Ring Energy and gave the stock a “buy” rating in a research report on Monday, August 14th. Roth Capital set a $20.00 target price on Ring Energy and gave the company a “buy” rating in a report on Thursday, August 10th. Zacks Investment Research raised Ring Energy from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, Imperial Capital assumed coverage on Ring Energy in a report on Tuesday, August 15th. They issued an “outperform” rating and a $18.00 target price on the stock.
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Shares of Ring Energy (NYSE:REI) opened at 11.90 on Friday. The company has a 50-day moving average price of $13.12 and a 200 day moving average price of $12.77. The firm’s market cap is $644.33 million. Ring Energy has a 52 week low of $8.76 and a 52 week high of $14.67.
Ring Energy (NYSE:REI) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.04 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.04. The company had revenue of $14.50 million for the quarter, compared to analyst estimates of $14.20 million. Analysts expect that Ring Energy will post $0.18 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the business. Legal & General Group Plc boosted its holdings in shares of Ring Energy by 4.9% in the 2nd quarter. Legal & General Group Plc now owns 9,869 shares of the company’s stock valued at $128,000 after purchasing an additional 463 shares in the last quarter. UBS Asset Management Americas Inc. acquired a new stake in shares of Ring Energy in the 2nd quarter valued at $135,000. Lyell Wealth Management LP acquired a new stake in shares of Ring Energy in the 2nd quarter valued at $149,000. Marshall Wace North America L.P. acquired a new stake in shares of Ring Energy in the 1st quarter valued at $126,000. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in shares of Ring Energy in the 1st quarter valued at $126,000.
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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