Ring Energy (NYSEAMERICAN:REI) Trading Up 6.7% – Here’s What Happened

Ring Energy, Inc. (NYSEAMERICAN:REI)’s share price shot up 6.7% on Tuesday . The company traded as high as $1.12 and last traded at $1.11. Approximately 7,550,657 shares were traded during trading, an increase of 30% from the average daily volume of 5,824,580 shares. The stock had previously closed at $1.04.

Wall Street Analyst Weigh In

Separately, Zacks Research lowered Ring Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, June 26th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $2.50.

Ring Energy Stock Performance

The company has a market cap of $232.45 million, a PE ratio of -0.87 and a beta of 0.80. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.36 and a current ratio of 0.40. The stock’s 50-day simple moving average is $1.33 and its 200 day simple moving average is $1.28.

Ring Energy (NYSEAMERICAN:REI) last issued its earnings results on Wednesday, May 6th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. Ring Energy had a negative net margin of 87.63% and a positive return on equity of 5.10%. The business had revenue of $73.67 million for the quarter, compared to the consensus estimate of $69.90 million. As a group, equities analysts anticipate that Ring Energy, Inc. will post 0.25 EPS for the current year.

Insider Buying and Selling

In other Ring Energy news, CEO Paul D. Mckinney purchased 50,000 shares of Ring Energy stock in a transaction dated Monday, June 15th. The stock was acquired at an average cost of $1.19 per share, with a total value of $59,500.00. Following the acquisition, the chief executive officer directly owned 4,158,463 shares of the company’s stock, valued at $4,948,570.97. This represents a 1.22% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sundip Singh Johl purchased 231,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was acquired at an average price of $1.21 per share, for a total transaction of $279,510.00. Following the completion of the purchase, the executive vice president owned 548,460 shares of the company’s stock, valued at approximately $663,636.60. This represents a 72.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 3.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Ring Energy by 18.0% in the third quarter. Vanguard Group Inc. now owns 10,613,683 shares of the company’s stock valued at $11,569,000 after acquiring an additional 1,617,668 shares during the period. Barclays PLC increased its holdings in shares of Ring Energy by 32.8% in the 3rd quarter. Barclays PLC now owns 8,000,090 shares of the company’s stock valued at $8,720,000 after purchasing an additional 1,975,000 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Ring Energy by 22.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,051,151 shares of the company’s stock valued at $4,805,000 after purchasing an additional 1,109,514 shares in the last quarter. UBS Group AG lifted its stake in shares of Ring Energy by 16.9% in the third quarter. UBS Group AG now owns 3,933,268 shares of the company’s stock valued at $4,287,000 after purchasing an additional 569,626 shares during the period. Finally, AQR Capital Management LLC lifted its stake in shares of Ring Energy by 28.6% in the first quarter. AQR Capital Management LLC now owns 3,350,472 shares of the company’s stock valued at $3,853,000 after purchasing an additional 744,284 shares during the period. Hedge funds and other institutional investors own 77.14% of the company’s stock.

Ring Energy Company Profile

Ring Energy, Inc is an independent oil and natural gas exploration and production company focused on the development, acquisition and operation of upstream assets in the United States. Headquartered in Odessa, Texas, the company concentrates its activities on onshore hydrocarbon plays, where it seeks to optimize production through technical innovation, cost management and disciplined capital allocation. Ring Energy trades on the NYSE American under the ticker symbol REI.

The company’s core operations are centered in the Permian Basin, one of North America’s most prolific oil-producing regions.