Ring Energy (NYSEAMERICAN:REI) Now Covered by Bank of America

Bank of America began coverage on shares of Ring Energy (NYSEAMERICAN:REI) in a research report released on Wednesday morning, Marketbeat reports. The firm issued a buy rating and a $2.00 target price on the stock.

Separately, Zacks Research cut shares of 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 issued a Hold rating to the company’s stock. According to MarketBeat.com, Ring Energy currently has an average rating of “Moderate Buy” and a consensus price target of $2.00.

Ring Energy Trading Up 3.4%

NYSEAMERICAN REI opened at $1.22 on Wednesday. The firm has a market cap of $255.48 million, a PE ratio of -0.96 and a beta of 0.80. Ring Energy has a 1-year low of $0.72 and a 1-year high of $2.00. The stock has a 50-day moving average of $1.26 and a 200-day moving average of $1.29. The company has a current ratio of 0.40, a quick ratio of 0.36 and a debt-to-equity ratio of 0.69.

Ring Energy (NYSEAMERICAN:REI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. Ring Energy had a positive return on equity of 5.10% and a negative net margin of 87.63%.The business had revenue of $73.67 million for the quarter, compared to analyst estimates of $69.90 million. As a group, sell-side analysts forecast that Ring Energy will post 0.11 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Ring Energy

Several institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC lifted its holdings in Ring Energy by 32.8% in the third quarter. Barclays PLC now owns 8,000,090 shares of the company’s stock worth $8,720,000 after buying an additional 1,975,000 shares during the period. Vanguard Group Inc. boosted its position in Ring Energy by 18.0% during the 3rd 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 in the last quarter. Two Sigma Investments LP grew its holdings in shares of Ring Energy by 342.4% during the 3rd quarter. Two Sigma Investments LP now owns 1,849,178 shares of the company’s stock worth $2,016,000 after acquiring an additional 1,431,162 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Ring Energy by 22.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,051,151 shares of the company’s stock worth $4,805,000 after acquiring an additional 1,109,514 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of Ring Energy in the 4th quarter worth approximately $937,000. 77.14% of the stock is owned by hedge funds and other institutional investors.

About Ring Energy

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.