Ring Energy (NYSEAMERICAN:REI) Earns Buy Rating from Analysts at Bank of America

Research analysts at Bank of America began coverage on shares of Ring Energy (NYSEAMERICAN:REI) in a research note issued on Wednesday,Benzinga reports. The brokerage set a “buy” rating and a $2.00 price target on the stock. Bank of America‘s price objective indicates a potential upside of 69.49% from the company’s current price.

Separately, Zacks Research downgraded shares of Ring Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $2.00.

Ring Energy Stock Performance

REI opened at $1.18 on Wednesday. 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 has a 12-month low of $0.72 and a 12-month high of $2.00. The firm has a 50 day moving average of $1.27 and a two-hundred day moving average of $1.29. The firm has a market capitalization of $247.10 million, a PE ratio of -0.93 and a beta of 0.80.

Ring Energy (NYSEAMERICAN:REI) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.03 by $0.01. The business had revenue of $73.67 million for the quarter, compared to the consensus estimate of $69.90 million. Ring Energy had a negative net margin of 87.63% and a positive return on equity of 5.10%. On average, analysts anticipate that Ring Energy will post 0.11 EPS for the current year.

Insider Activity

In related news, EVP Sundip Singh Johl bought 231,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were purchased at an average cost of $1.21 per share, with a total value of $279,510.00. Following the completion of the acquisition, the executive vice president directly owned 548,460 shares in the company, valued at approximately $663,636.60. The trade was a 72.77% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Paul D. Mckinney purchased 50,000 shares of Ring Energy stock in a transaction that occurred on Monday, June 15th. The shares were bought at an average price of $1.19 per share, with a total value of $59,500.00. Following the completion of the transaction, the chief executive officer owned 4,158,463 shares of the company’s stock, valued at $4,948,570.97. This represents a 1.22% increase in their position. The disclosure for this purchase is available in the SEC filing. 3.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ring Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in REI. Royal Fund Management LLC acquired a new position in shares of Ring Energy in the 4th quarter valued at $26,000. Centiva Capital LP acquired a new stake in Ring Energy during the third quarter valued at $26,000. DGS Capital Management LLC grew its position in Ring Energy by 65.4% during the fourth quarter. DGS Capital Management LLC now owns 31,196 shares of the company’s stock valued at $27,000 after buying an additional 12,331 shares during the period. HRT Financial LP purchased a new position in Ring Energy in the fourth quarter valued at $31,000. Finally, Jump Financial LLC purchased a new position in Ring Energy in the second quarter valued at $31,000. Institutional investors and hedge funds own 77.14% of the company’s stock.

Ring Energy Company Profile

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.