Financial Advocates Investment Management acquired a new position in Ring Energy Inc (NYSEAMERICAN:REI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 581,210 shares of the company’s stock, valued at approximately $8,079,000. Ring Energy accounts for approximately 1.1% of Financial Advocates Investment Management’s investment portfolio, making the stock its 20th biggest holding. Financial Advocates Investment Management owned about 1.07% of Ring Energy at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in REI. Jefferies Group LLC purchased a new stake in shares of Ring Energy during the fourth quarter valued at approximately $229,000. Teacher Retirement System of Texas purchased a new stake in shares of Ring Energy during the fourth quarter valued at approximately $238,000. UBS Asset Management Americas Inc. grew its holdings in shares of Ring Energy by 73.1% during the fourth quarter. UBS Asset Management Americas Inc. now owns 17,995 shares of the company’s stock valued at $250,000 after buying an additional 7,600 shares during the last quarter. Invictus RG purchased a new stake in shares of Ring Energy during the fourth quarter valued at approximately $257,000. Finally, Two Sigma Investments LP purchased a new stake in shares of Ring Energy during the fourth quarter valued at approximately $519,000.
REI has been the topic of a number of recent analyst reports. KLR Group initiated coverage on shares of Ring Energy in a report on Thursday, January 11th. They set a “buy” rating on the stock. Northland Securities set a $18.00 price target on shares of Ring Energy and gave the company a “buy” rating in a report on Monday, December 11th. B. Riley set a $20.00 price target on shares of Ring Energy and gave the company a “buy” rating in a report on Friday, March 9th. Roth Capital set a $22.00 price target on shares of Ring Energy and gave the company a “buy” rating in a report on Tuesday, January 16th. Finally, Zacks Investment Research cut shares of Ring Energy from a “strong-buy” rating to a “hold” rating in a report on Saturday, January 13th. 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 a consensus rating of “Buy” and a consensus target price of $18.75.
In other news, CFO William Randall Broaddrick sold 75,000 shares of the firm’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $14.02, for a total transaction of $1,051,500.00. Following the sale, the chief financial officer now directly owns 50,000 shares in the company, valued at approximately $701,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Ring Energy Inc (REI) opened at $14.10 on Thursday. Ring Energy Inc has a 52-week low of $9.22 and a 52-week high of $16.09. The firm has a market cap of $765.35, a P/E ratio of 128.18 and a beta of 0.27.
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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