Deprince Race & Zollo Inc. trimmed its position in Ring Energy Inc (NYSEAMERICAN:REI) by 18.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 50,500 shares of the company’s stock after selling 11,500 shares during the period. Deprince Race & Zollo Inc.’s holdings in Ring Energy were worth $500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Formula Growth Ltd. grew its holdings in Ring Energy by 46.4% in the 2nd quarter. Formula Growth Ltd. now owns 2,655,590 shares of the company’s stock valued at $33,514,000 after buying an additional 841,226 shares in the last quarter. BlackRock Inc. grew its holdings in Ring Energy by 12.5% in the 2nd quarter. BlackRock Inc. now owns 7,772,783 shares of the company’s stock valued at $98,093,000 after buying an additional 864,863 shares in the last quarter. Cannell Capital LLC grew its holdings in Ring Energy by 3.7% in the 2nd quarter. Cannell Capital LLC now owns 1,582,899 shares of the company’s stock valued at $19,976,000 after buying an additional 55,800 shares in the last quarter. Penn Capital Management Co. Inc. bought a new stake in shares of Ring Energy during the 2nd quarter valued at $1,138,000. Finally, Northern Trust Corp lifted its position in shares of Ring Energy by 2.8% during the 1st quarter. Northern Trust Corp now owns 725,111 shares of the company’s stock valued at $10,405,000 after acquiring an additional 19,865 shares during the period.
Shares of REI stock opened at $8.12 on Friday. Ring Energy Inc has a twelve month low of $7.56 and a twelve month high of $17.35.
Ring Energy (NYSEAMERICAN:REI) last announced its quarterly earnings data on Wednesday, August 8th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). Ring Energy had a return on equity of 3.75% and a net margin of 18.47%. The business had revenue of $29.93 million for the quarter, compared to the consensus estimate of $30.05 million.
In related news, President David A. Fowler sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $11.54, for a total transaction of $115,400.00. Following the completion of the sale, the president now directly owns 135,200 shares in the company, valued at approximately $1,560,208. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Daniel D. Wilson sold 25,000 shares of the company’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $11.13, for a total value of $278,250.00. Following the sale, the insider now owns 40,000 shares of the company’s stock, valued at $445,200. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 370,375 shares of company stock valued at $4,183,691.
A number of research firms have recently weighed in on REI. Zacks Investment Research upgraded Ring Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 5th. Seaport Global Securities downgraded Ring Energy from a “buy” rating to a “neutral” rating and cut their target price for the company from $20.00 to $12.00 in a research report on Tuesday, October 2nd. Finally, Imperial Capital set a $15.00 target price on Ring Energy and gave the company an “outperform” rating in a research report on Thursday, October 4th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. Ring Energy has an average rating of “Buy” and a consensus price target of $17.89.
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, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.
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