Ring Energy (NYSEAMERICAN:REI) Announces Quarterly Earnings Results

Ring Energy (NYSEAMERICAN:REI) announced its quarterly earnings results on Thursday. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03, FiscalAI reports. The firm had revenue of $102.34 million for the quarter, compared to the consensus estimate of $91.87 million. Ring Energy had a negative net margin of 68.02% and a positive return on equity of 5.55%.

Ring Energy Price Performance

Shares of REI traded down $0.01 during midday trading on Friday, hitting $1.11. 5,076,198 shares of the company traded hands, compared to its average volume of 3,233,781. The firm has a 50 day moving average of $1.38 and a 200-day moving average of $1.35. Ring Energy has a 52 week low of $0.83 and a 52 week high of $2.00. The stock has a market cap of $289.18 million, a price-to-earnings ratio of -1.22, a PEG ratio of 0.28 and a beta of 0.85. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.49 and a current ratio of 0.54.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on REI. Bank of America started coverage on shares of Ring Energy in a research note on Wednesday, July 15th. They issued a “buy” rating and a $2.00 price objective for the company. Mizuho assumed coverage on shares of Ring Energy in a research note on Wednesday, September 2nd. They set a “neutral” rating and a $2.00 target price on the stock. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Ring Energy presently has a consensus rating of “Hold” and a consensus price target of $2.00.

Ring Energy Company Profile

Ring Energy, Inc (NYSE American: REI) is an independent oil and natural gas exploration and production company. The company focuses on the acquisition, development, exploration and operation of oil and gas properties, with an emphasis on generating production from established assets.

Ring Energy’s operations are concentrated in the Permian Basin, one of the most significant oil-producing regions in the United States. Its properties are primarily located in the Northwest Shelf of the Permian Basin in southeastern New Mexico and West Texas.