Ring Energy Inc (NYSEAMERICAN:REI) saw a significant growth in short interest in the month of February. As of February 15th, there was short interest totalling 4,909,145 shares, a growth of 42.7% from the January 31st total of 3,440,871 shares. Approximately 9.8% of the shares of the company are short sold. Based on an average daily volume of 1,808,934 shares, the short-interest ratio is presently 2.7 days.
In related news, CFO William Randall Broaddrick sold 75,000 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $14.02, for a total value of $1,051,500.00. Following the sale, the chief financial officer now owns 50,000 shares of the company’s stock, valued at approximately $701,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Hedge funds have recently made changes to their positions in the business. Phocas Financial Corp. grew its stake in shares of Ring Energy by 4.3% in the fourth quarter. Phocas Financial Corp. now owns 1,398,675 shares of the company’s stock worth $19,442,000 after acquiring an additional 57,388 shares during the last quarter. MetLife Investment Advisors LLC acquired a new stake in shares of Ring Energy in the fourth quarter worth $396,000. Vident Investment Advisory LLC acquired a new stake in shares of Ring Energy in the fourth quarter worth $502,000. Financial Advocates Investment Management acquired a new stake in shares of Ring Energy in the fourth quarter worth $8,079,000. Finally, Millennium Management LLC grew its stake in shares of Ring Energy by 75.2% in the fourth quarter. Millennium Management LLC now owns 67,675 shares of the company’s stock worth $941,000 after acquiring an additional 29,047 shares during the last quarter.
Shares of Ring Energy (NYSEAMERICAN REI) traded up $0.16 on Wednesday, reaching $14.10. 512,486 shares of the company traded hands, compared to its average volume of 877,479. Ring Energy has a 52-week low of $9.22 and a 52-week high of $16.09. The company has a market capitalization of $765.35, a price-to-earnings ratio of 126.73 and a beta of 0.27.
Several research firms have recently weighed in on REI. Zacks Investment Research lowered shares of Ring Energy from a “strong-buy” rating to a “hold” rating in a research report on Saturday, January 13th. Roth Capital set a $22.00 target price on shares of Ring Energy and gave the stock a “buy” rating in a report on Tuesday, January 16th. KLR Group started coverage on shares of Ring Energy in a report on Thursday, January 11th. They issued a “buy” rating for the company. B. Riley set a $20.00 target price on shares of Ring Energy and gave the stock a “buy” rating in a report on Friday, March 9th. Finally, Northland Securities set a $18.00 price target on shares of Ring Energy and gave the stock a “buy” rating in a research report on Monday, December 11th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Ring Energy currently has an average rating of “Buy” and an average price target of $18.75.
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Ring Energy Company Profile
Ring Energy, Inc (Ring) is an exploration and production company that is engaged in oil and natural gas acquisition, exploration, development and production activities. The Company’s exploration and production interests are focused on Texas and Kansas. Its operations are all oil and gas exploration and production related activities in the United States.
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