Ring Energy (REI) Posts Earnings Results, Meets Expectations
Ring Energy (NYSE:REI) announced its quarterly earnings results on Tuesday. The company reported $0.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.04, Morningstar.com reports. The firm had revenue of $14.50 million for the quarter, compared to analyst estimates of $14.20 million.
Shares of Ring Energy (REI) traded up 0.59% during trading on Wednesday, hitting $13.59. The stock had a trading volume of 532,583 shares. The company’s market capitalization is $668.17 million. Ring Energy has a 52 week low of $8.58 and a 52 week high of $14.14. The firm has a 50-day moving average price of $12.65 and a 200 day moving average price of $12.35.
A number of brokerages have recently commented on REI. Zacks Investment Research raised Ring Energy from a “sell” rating to a “hold” rating in a research note on Tuesday. Ladenburg Thalmann Financial Services reissued a “buy” rating and set a $17.00 price target (up from $15.00) on shares of Ring Energy in a research note on Saturday, April 22nd. Finally, Roth Capital set a $19.00 price target on Ring Energy and gave the company a “buy” rating in a research note on Monday, April 17th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $16.79.
A number of large investors have recently added to or reduced their stakes in REI. State Street Corp boosted its stake in Ring Energy by 8.2% in the fourth quarter. State Street Corp now owns 598,772 shares of the company’s stock valued at $7,777,000 after buying an additional 45,396 shares during the period. Dimensional Fund Advisors LP boosted its stake in Ring Energy by 55.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 444,867 shares of the company’s stock valued at $5,779,000 after buying an additional 158,775 shares during the period. Teachers Advisors LLC boosted its stake in Ring Energy by 31.5% in the fourth quarter. Teachers Advisors LLC now owns 74,490 shares of the company’s stock valued at $968,000 after buying an additional 17,828 shares during the period. Fisher Asset Management LLC acquired a new stake in Ring Energy during the first quarter valued at $1,375,000. Finally, Wells Fargo & Company MN boosted its stake in Ring Energy by 50.1% in the first quarter. Wells Fargo & Company MN now owns 35,976 shares of the company’s stock valued at $390,000 after buying an additional 12,000 shares during the period.
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