Short Interest in Ring Energy (REI) Expands By 8.5%
Ring Energy (NYSEAMERICAN:REI) saw a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 4,410,996 shares, an increase of 8.5% from the November 15th total of 4,063,925 shares. Approximately 8.8% of the shares of the company are sold short. Based on an average daily trading volume, of 317,900 shares, the short-interest ratio is presently 13.9 days.
Ring Energy (REI) traded up $0.20 during trading hours on Monday, hitting $13.58. The stock had a trading volume of 293,535 shares, compared to its average volume of 382,762. Ring Energy has a 1-year low of $9.22 and a 1-year high of $15.13.
A number of research analysts have recently issued reports on REI shares. Northland Securities set a $20.00 target price on Ring Energy and gave the company a “buy” rating in a report on Monday, August 14th. Imperial Capital started 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. Roth Capital set a $20.00 target price on Ring Energy and gave the company a “buy” rating in a report on Wednesday, August 23rd. Finally, SunTrust Banks reissued a “buy” rating and issued a $19.00 target price on shares of Ring Energy in a report on Friday, November 10th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $18.33.
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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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