CoreCommodity Management LLC Raises Position in Ring Energy Inc (REI)
CoreCommodity Management LLC increased its position in Ring Energy Inc (NYSEAMERICAN:REI) by 32.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,840 shares of the company’s stock after purchasing an additional 5,358 shares during the quarter. CoreCommodity Management LLC’s holdings in Ring Energy were worth $111,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Bank of Montreal Can lifted its position in Ring Energy by 515.2% in the fourth quarter. Bank of Montreal Can now owns 6,453 shares of the company’s stock worth $33,000 after purchasing an additional 5,404 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in Ring Energy in the fourth quarter worth $53,000. Crossmark Global Holdings Inc. bought a new position in Ring Energy in the fourth quarter worth $64,000. Flinton Capital Management LLC lifted its position in Ring Energy by 16.4% in the fourth quarter. Flinton Capital Management LLC now owns 13,748 shares of the company’s stock worth $70,000 after purchasing an additional 1,932 shares during the period. Finally, Neuburgh Advisers LLC lifted its position in Ring Energy by 16.4% in the fourth quarter. Neuburgh Advisers LLC now owns 16,694 shares of the company’s stock worth $85,000 after purchasing an additional 2,346 shares during the period.
A number of brokerages have issued reports on REI. Capital One Financial cut Ring Energy from an “overweight” rating to an “equal weight” rating in a report on Thursday, December 20th. SunTrust Banks reissued a “buy” rating and set a $12.00 price objective on shares of Ring Energy in a report on Sunday, December 2nd. Zacks Investment Research raised Ring Energy from a “sell” rating to a “hold” rating in a report on Tuesday, February 12th. Finally, Imperial Capital set a $8.00 price objective on Ring Energy and gave the company a “buy” rating in a report on Thursday, December 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. Ring Energy has an average rating of “Buy” and an average target price of $14.20.
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Ring Energy Profile
Ring Energy, Inc, an exploration and production company, acquires, explores for, develops, and produces oil and natural gas in Texas, the United States. As of December 31, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.
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