Wall Street brokerages forecast that Ring Energy (NYSE:REI) will report $14.84 million in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Ring Energy’s earnings. The highest sales estimate is $16.26 million and the lowest is $14.00 million. Ring Energy reported sales of $7.11 million in the same quarter last year, which indicates a positive year over year growth rate of 108.7%. The business is scheduled to report its next quarterly earnings report on Monday, August 14th.
On average, analysts expect that Ring Energy will report full-year sales of $14.84 million for the current year, with estimates ranging from $65.20 million to $78.04 million. For the next financial year, analysts anticipate that the firm will report sales of $129.44 million per share, with estimates ranging from $90.60 million to $163.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Ring Energy.
Ring Energy (NYSE:REI) last issued its earnings results on Tuesday, May 9th. The company reported $0.03 earnings per share for the quarter, hitting the consensus estimate of $0.03. The firm had revenue of $12.24 million during the quarter, compared to analysts’ expectations of $11.47 million.
A number of equities research analysts recently issued reports on REI shares. Zacks Investment Research cut shares of Ring Energy from a “hold” rating to a “strong sell” rating in a report on Friday, March 17th. Roth Capital set a $19.00 price objective on shares of Ring Energy and gave the stock a “buy” rating in a report on Monday, April 17th. Ladenburg Thalmann Financial Services reiterated a “buy” rating and issued a $17.00 price objective (up from $15.00) on shares of Ring Energy in a report on Saturday, April 22nd. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Ring Energy in a report on Wednesday, April 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $16.79.
In other Ring Energy news, CEO Kelly W. Hoffman sold 60,000 shares of the business’s stock in a transaction on Wednesday, April 19th. The shares were sold at an average price of $12.00, for a total transaction of $720,000.00. Following the completion of the transaction, the chief executive officer now owns 67,546 shares of the company’s stock, valued at approximately $810,552. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in REI. Envestnet Asset Management Inc. raised its position in Ring Energy by 11.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 8,090 shares of the company’s stock worth $105,000 after buying an additional 835 shares in the last quarter. MARSHALL WACE ASIA Ltd purchased a new position in Ring Energy during the first quarter worth $126,000. Marshall Wace North America L.P. purchased a new position in Ring Energy during the first quarter worth $126,000. Greenwood Capital Associates LLC raised its position in Ring Energy by 5.3% in the first quarter. Greenwood Capital Associates LLC now owns 13,741 shares of the company’s stock worth $149,000 after buying an additional 695 shares in the last quarter. Finally, Alliancebernstein L.P. purchased a new position in Ring Energy during the first quarter worth $155,000.
Ring Energy (REI) traded down 0.30% on Friday, reaching $13.15. The company’s stock had a trading volume of 157,426 shares. The company’s market capitalization is $646.53 million. Ring Energy has a 1-year low of $7.48 and a 1-year high of $14.14. The stock has a 50 day moving average price of $12.79 and a 200-day moving average price of $12.32.
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