Ring Energy (REI) Position Raised by Federated Investors Inc. PA
Federated Investors Inc. PA raised its position in shares of Ring Energy (NYSE:REI) by 22.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 578,262 shares of the company’s stock after buying an additional 106,647 shares during the period. Federated Investors Inc. PA owned about 1.18% of Ring Energy worth $7,518,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in REI. Formula Growth Ltd. increased its stake in shares of Ring Energy by 29.9% in the first quarter. Formula Growth Ltd. now owns 2,077,964 shares of the company’s stock worth $22,484,000 after buying an additional 478,125 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Ring Energy by 9.6% in the first quarter. Vanguard Group Inc. now owns 1,913,458 shares of the company’s stock worth $20,704,000 after buying an additional 167,435 shares during the last quarter. Cannell Capital LLC boosted its position in shares of Ring Energy by 2.8% in the first quarter. Cannell Capital LLC now owns 1,767,301 shares of the company’s stock worth $19,122,000 after buying an additional 48,097 shares during the last quarter. Hodges Capital Management Inc. boosted its position in shares of Ring Energy by 18.3% in the first quarter. Hodges Capital Management Inc. now owns 1,418,125 shares of the company’s stock worth $15,344,000 after buying an additional 219,540 shares during the last quarter. Finally, Pembroke Management LTD purchased a new position in shares of Ring Energy during the second quarter worth $11,791,000.
Ring Energy (NYSE REI) opened at 11.86 on Thursday. The firm’s market cap is $642.16 million. The firm’s 50 day moving average price is $12.89 and its 200-day moving average price is $12.29. Ring Energy has a 52 week low of $8.76 and a 52 week high of $14.14.
Ring Energy (NYSE:REI) last announced its earnings results on Tuesday, August 8th. The company reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The company had revenue of $14.50 million for the quarter, compared to the consensus estimate of $14.20 million. On average, analysts forecast that Ring Energy will post $0.19 EPS for the current year.
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A number of brokerages recently weighed in on REI. Imperial Capital began coverage on Ring Energy in a report on Tuesday, August 15th. They issued an “outperform” rating and a $18.00 target price on the stock. Zacks Investment Research cut Ring Energy from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Roth Capital set a $20.00 target price on Ring Energy and gave the company a “buy” rating in a report on Wednesday, August 23rd. Finally, Northland Securities set a $20.00 target price on Ring Energy and gave the company a “buy” rating in a report on Monday, August 14th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $17.33.
About Ring Energy
Ring Energy, Inc acquires, explores for, develops, and produces oil and natural gas in Texas and Kansas, the United States. As of December 31, 2016, its proved reserves consisted of approximately 27.7 million barrel of oil equivalent. The company also owns interests in 32,663 net developed and undeveloped acres in Andrews and Gaines counties, and 20,490 net developed and undeveloped acres in Reeves and Culberson counties, Texas; and 14,549 net developed and undeveloped acres in Kansas.
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