Ring Energy (NYSEAMERICAN:REI) Announces Earnings Results, Beats Estimates By $0.03 EPS

Ring Energy (NYSEAMERICAN:REI) announced its earnings results on Wednesday. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.07 by $0.03, FiscalAI reports. Ring Energy had a negative net margin of 68.02% and a positive return on equity of 5.53%. The firm had revenue of $104.68 million for the quarter, compared to the consensus estimate of $93.29 million.

Ring Energy Price Performance

Shares of Ring Energy stock traded up $0.04 during midday trading on Friday, hitting $1.32. 1,400,861 shares of the company were exchanged, compared to its average volume of 5,010,471. 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 firm has a market cap of $277.47 million, a P/E ratio of -1.20, a PEG ratio of 0.26 and a beta of 0.79. Ring Energy has a 52 week low of $0.75 and a 52 week high of $2.00. The firm has a 50 day simple moving average of $1.20 and a 200-day simple moving average of $1.33.

Analyst Ratings Changes

A number of brokerages have weighed in on REI. Bank of America started coverage on shares of Ring Energy in a report on Wednesday, July 15th. They issued a “buy” rating and a $2.00 price target for the company. Zacks Research downgraded Ring Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Ring Energy has a consensus rating of “Moderate Buy” and a consensus price target of $2.00.

Insider Transactions at Ring Energy

In other news, EVP Sundip Singh Johl purchased 231,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were acquired at an average cost of $1.21 per share, for a total transaction of $279,510.00. Following the transaction, the executive vice president directly owned 548,460 shares of the company’s stock, valued at approximately $663,636.60. The trade was a 72.77% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Paul D. Mckinney bought 50,000 shares of the stock in a transaction on Monday, June 15th. The stock was purchased at an average cost of $1.19 per share, with a total value 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 represents a 1.22% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 3.50% of the company’s stock.

Institutional Trading of Ring Energy

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Ring Energy by 18.0% during the 3rd quarter. Vanguard Group Inc. now owns 10,613,683 shares of the company’s stock worth $11,569,000 after purchasing an additional 1,617,668 shares in the last quarter. Barclays PLC increased its holdings in Ring Energy by 32.8% during the third quarter. Barclays PLC now owns 8,000,090 shares of the company’s stock worth $8,720,000 after buying an additional 1,975,000 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Ring Energy by 22.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,051,151 shares of the company’s stock valued at $4,805,000 after acquiring an additional 1,109,514 shares during the period. UBS Group AG raised its stake in Ring Energy by 16.9% in the third quarter. UBS Group AG now owns 3,933,268 shares of the company’s stock valued at $4,287,000 after buying an additional 569,626 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of Ring Energy by 28.6% in the first quarter. AQR Capital Management LLC now owns 3,350,472 shares of the company’s stock valued at $3,853,000 after purchasing an additional 744,284 shares during the period. Institutional investors and hedge funds own 77.14% of the company’s stock.

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.