Renaissance Technologies LLC purchased a new stake in Ring Energy (NYSE:REI) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 21,000 shares of the company’s stock, valued at approximately $227,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Formula Growth Ltd. boosted its position in shares of Ring Energy by 29.9% during the 1st quarter. Formula Growth Ltd. now owns 2,077,964 shares of the company’s stock valued at $22,484,000 after purchasing an additional 478,125 shares in the last quarter. Hodges Capital Management Inc. raised its stake in Ring Energy by 18.3% during the 1st quarter. Hodges Capital Management Inc. now owns 1,418,125 shares of the company’s stock worth $15,344,000 after buying an additional 219,540 shares during the period. Vanguard Group Inc. raised its stake in Ring Energy by 9.6% during the 1st quarter. Vanguard Group Inc. now owns 1,913,458 shares of the company’s stock worth $20,704,000 after buying an additional 167,435 shares during the period. Sei Investments Co. raised its stake in Ring Energy by 441.3% during the 1st quarter. Sei Investments Co. now owns 87,398 shares of the company’s stock worth $946,000 after buying an additional 71,253 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Ring Energy by 12.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 499,287 shares of the company’s stock worth $5,401,000 after buying an additional 54,420 shares during the period.
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Shares of Ring Energy (REI) opened at 13.09 on Thursday. The company’s 50 day moving average price is $12.70 and its 200-day moving average price is $12.28. The stock’s market capitalization is $708.76 million. Ring Energy has a 12 month low of $8.76 and a 12 month high of $14.14.
Ring Energy (NYSE:REI) last posted its quarterly earnings results on Tuesday, August 8th. The company reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. The business had revenue of $14.50 million for the quarter, compared to analyst estimates of $14.20 million. Equities analysts predict that Ring Energy will post $0.19 earnings per share for the current year.
A number of research analysts recently weighed in on REI shares. Northland Securities set a $20.00 price target on Ring Energy and gave the stock a “buy” rating in a research note on Monday, August 14th. Roth Capital set a $20.00 price objective on Ring Energy and gave the stock a “buy” rating in a research note on Thursday, August 10th. Zacks Investment Research raised Ring Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, Imperial Capital began coverage on Ring Energy in a research note on Tuesday, August 15th. They issued an “outperform” rating and a $18.00 price objective for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $17.33.
Ring Energy Company Profile
Ring Energy, Inc acquires, explores for, develops, and produces oil and natural gas in Texas and Kansas, the United States. As of December 31, 2016, its proved reserves consisted of approximately 27.7 million barrel of oil equivalent. The company also owns interests in 32,663 net developed and undeveloped acres in Andrews and Gaines counties, and 20,490 net developed and undeveloped acres in Reeves and Culberson counties, Texas; and 14,549 net developed and undeveloped acres in Kansas.
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