Ring Energy (NYSEAMERICAN:REI) Stock Price Up 2.4%
Ring Energy Inc (NYSEAMERICAN:REI)’s stock price rose 2.4% during trading on Tuesday . The stock traded as high as $1.76 and last traded at $1.73, approximately 581,852 shares traded hands during mid-day trading. A decline of 29% from the average daily volume of 822,565 shares. The stock had previously closed at $1.69.
REI has been the subject of several analyst reports. Zacks Investment Research lowered Ring Energy from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Northland Securities set a $2.80 price target on Ring Energy and gave the stock a “buy” rating in a research note on Monday, October 21st. LADENBURG THALM/SH SH lowered Ring Energy from a “buy” rating to a “neutral” rating and cut their price target for the stock from $5.00 to $3.00 in a research note on Monday, August 26th. Finally, Imperial Capital cut their price target on Ring Energy from $6.00 to $4.00 and set an “outperform” rating for the company in a research note on Thursday, August 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $5.06.
The stock’s 50-day moving average is $1.65 and its two-hundred day moving average is $3.64.
Several large investors have recently modified their holdings of REI. Marshall Wace LLP purchased a new position in Ring Energy during the first quarter valued at approximately $208,000. Peregrine Capital Management LLC increased its holdings in Ring Energy by 32.1% during the second quarter. Peregrine Capital Management LLC now owns 1,368,197 shares of the company’s stock valued at $4,447,000 after buying an additional 332,352 shares during the period. Bailard Inc. increased its holdings in Ring Energy by 52.7% during the second quarter. Bailard Inc. now owns 53,450 shares of the company’s stock valued at $174,000 after buying an additional 18,450 shares during the period. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Ring Energy during the second quarter valued at approximately $336,000. Finally, Fisher Asset Management LLC increased its holdings in Ring Energy by 13.1% during the second quarter. Fisher Asset Management LLC now owns 351,277 shares of the company’s stock valued at $1,142,000 after buying an additional 40,716 shares during the period.
About Ring Energy (NYSEAMERICAN:REI)
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, 2018, the company's proved reserves consisted of approximately 36.6 million barrel of oil equivalent. As of the above date, it also had interests in 17,408 net developed acres and 58,620 net undeveloped acres in Andrews and Gaines counties; and 19,138 net developed acres and 860 net undeveloped acres in Culberson and Reeves counties.
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