Ring Energy Inc (NYSEAMERICAN:REI) – Research analysts at SunTrust Banks lifted their Q4 2020 earnings estimates for shares of Ring Energy in a research note issued to investors on Thursday, June 25th. SunTrust Banks analyst N. Dingmann now expects that the company will post earnings per share of $0.03 for the quarter, up from their prior forecast of $0.02. SunTrust Banks has a “Hold” rating and a $1.00 price target on the stock.
Several other brokerages have also issued reports on REI. Northland Securities started coverage on shares of Ring Energy in a research note on Thursday, June 18th. They set a “hold” rating for the company. Roth Capital lowered shares of Ring Energy to a “hold” rating in a research note on Friday, March 13th. Alliance Global Partners lowered shares of Ring Energy from a “buy” rating to a “neutral” rating in a research note on Tuesday, March 17th. Johnson Rice lowered shares of Ring Energy from a “buy” rating to an “accumulate” rating and set a $1.00 price target for the company. in a research note on Tuesday, March 17th. Finally, Zacks Investment Research lowered shares of Ring Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 17th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $2.38.
Shares of NYSEAMERICAN REI opened at $1.12 on Monday. Ring Energy has a fifty-two week low of $0.52 and a fifty-two week high of $3.44.
Ring Energy (NYSEAMERICAN:REI) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.06. The company had revenue of $39.57 million for the quarter, compared to analyst estimates of $41.31 million.
Several hedge funds and other institutional investors have recently made changes to their positions in REI. Granahan Investment Management Inc. MA increased its position in shares of Ring Energy by 56.0% during the first quarter. Granahan Investment Management Inc. MA now owns 3,075,245 shares of the company’s stock valued at $2,026,000 after buying an additional 1,103,772 shares during the period. Deutsche Bank AG increased its position in shares of Ring Energy by 2,174.4% during the first quarter. Deutsche Bank AG now owns 472,273 shares of the company’s stock valued at $312,000 after buying an additional 451,508 shares during the period. Victory Capital Management Inc. purchased a new position in shares of Ring Energy during the fourth quarter valued at about $859,000. State Street Corp grew its holdings in Ring Energy by 8.3% in the first quarter. State Street Corp now owns 1,880,628 shares of the company’s stock worth $1,239,000 after purchasing an additional 144,659 shares during the period. Finally, Guggenheim Capital LLC grew its holdings in Ring Energy by 770.3% in the fourth quarter. Guggenheim Capital LLC now owns 134,740 shares of the company’s stock worth $356,000 after purchasing an additional 119,258 shares during the period.
About Ring Energy
Ring Energy, Inc, an exploration and production company, acquires, explores for, develops, and produces oil and natural gas in Texas, the United States. As of December 31, 2018, the company's proved reserves consisted of approximately 36.6 million barrel of oil equivalent. As of the above date, it also had interests in 17,408 net developed acres and 58,620 net undeveloped acres in Andrews and Gaines counties; and 19,138 net developed acres and 860 net undeveloped acres in Culberson and Reeves counties.
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