Ring Energy (NYSEAMERICAN:REI) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Ring Energy (NYSEAMERICAN:REI) posted its earnings results on Thursday. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01, FiscalAI reports. The firm had revenue of $78.60 million for the quarter, compared to analysts’ expectations of $83.20 million. Ring Energy had a negative net margin of 5.01% and a positive return on equity of 6.02%.

Ring Energy Stock Performance

NYSEAMERICAN:REI opened at $0.94 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.63 and a quick ratio of 0.58. Ring Energy has a 1 year low of $0.72 and a 1 year high of $1.73. The stock’s 50 day simple moving average is $1.02 and its two-hundred day simple moving average is $0.90. The company has a market cap of $194.56 million, a price-to-earnings ratio of -13.46 and a beta of 0.93.

Wall Street Analyst Weigh In

REI has been the subject of a number of recent research reports. Alliance Global Partners began coverage on Ring Energy in a report on Friday, July 11th. They issued a “buy” rating and a $2.50 price objective for the company. Zacks Research upgraded Ring Energy from a “strong sell” rating to a “hold” rating in a report on Friday, August 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $2.50.

Institutional Investors Weigh In On Ring Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jump Financial LLC acquired a new stake in shares of Ring Energy in the second quarter valued at about $31,000. Hudson Bay Capital Management LP acquired a new stake in Ring Energy in the 2nd quarter valued at about $34,000. State of Wyoming purchased a new position in Ring Energy in the 2nd quarter worth approximately $39,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Ring Energy during the 1st quarter worth approximately $42,000. Finally, Oxford Asset Management LLP purchased a new stake in shares of Ring Energy in the second quarter valued at approximately $72,000. Institutional investors and hedge funds own 77.14% of the company’s stock.

Ring Energy Company Profile

Ring Energy, Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil and natural gas properties. The company has interests in 56,711 net developed acres and 2,668 net undeveloped acres in Andrews, Gaines, Crane, Ector, Winkler, and Ward counties, Texas; and 8,751 net developed acres and 12,405 net undeveloped acres in Yoakum County, Texas and Lea County, New Mexico.