Ring Energy (NYSEAMERICAN:REI) Issues Earnings Results

Ring Energy (NYSEAMERICAN:REI) released its quarterly earnings results on Wednesday. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.07 by $0.20, FiscalAI reports. Ring Energy had a negative net margin of 87.63% and a positive return on equity of 5.10%. The business had revenue of $104.68 million during the quarter, compared to analyst estimates of $93.29 million.

Ring Energy Stock Down 2.4%

NYSEAMERICAN REI traded down $0.03 during trading on Wednesday, hitting $1.23. The company’s stock had a trading volume of 3,860,636 shares, compared to its average volume of 5,025,149. Ring Energy has a fifty-two week low of $0.73 and a fifty-two week high of $2.00. The company has a market cap of $257.57 million, a PE ratio of -0.97, a P/E/G ratio of 0.27 and a beta of 0.79. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.40 and a quick ratio of 0.36. The business’s 50 day simple moving average is $1.20 and its 200-day simple moving average is $1.32.

Insider Activity

In related news, CEO Paul D. Mckinney bought 50,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was bought at an average cost of $1.19 per share, for a total transaction of $59,500.00. Following the purchase, the chief executive officer directly owned 4,158,463 shares of the company’s stock, valued at approximately $4,948,570.97. This trade represents a 1.22% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Sundip Singh Johl bought 231,000 shares of the company’s stock in a transaction on Monday, June 15th. The shares were bought at an average cost of $1.21 per share, for a total transaction of $279,510.00. Following the transaction, the executive vice president owned 548,460 shares in the company, valued at $663,636.60. The trade was a 72.77% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Centiva Capital LP acquired a new stake in shares of Ring Energy during the third quarter worth $26,000. HRT Financial LP acquired a new position in shares of Ring Energy in the 4th quarter valued at $31,000. Dynamic Technology Lab Private Ltd purchased a new position in Ring Energy in the 1st quarter worth $42,000. Virtu Financial LLC purchased a new position in Ring Energy in the 3rd quarter worth $41,000. Finally, Jump Financial LLC purchased a new position in Ring Energy in the 2nd quarter worth $31,000. Hedge funds and other institutional investors own 77.14% of the company’s stock.

Wall Street Analyst Weigh In

REI has been the subject of several recent analyst reports. Zacks Research lowered shares of Ring Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 26th. Bank of America began coverage on shares of Ring Energy in a research note on Wednesday, July 15th. They issued a “buy” rating and a $2.00 target price for the company. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $2.00.

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.