Ring Energy (REI) Shares Up 5.6% After Insider Buying Activity
Ring Energy Inc (NYSEAMERICAN:REI) shot up 5.6% during mid-day trading on Monday after an insider bought additional shares in the company. The stock traded as high as $3.76 and last traded at $3.74. 1,064,700 shares changed hands during trading, an increase of 80% from the average session volume of 591,516 shares. The stock had previously closed at $3.54.
Specifically, Director Stanley Myron Mccabe bought 10,000 shares of the company’s stock in a transaction on Friday, May 31st. The stock was bought at an average cost of $3.68 per share, with a total value of $36,800.00. Following the transaction, the director now directly owns 1,670,634 shares in the company, valued at approximately $6,147,933.12. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Anthony Benedict Petrelli bought 30,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was purchased at an average cost of $3.80 per share, with a total value of $114,000.00. The disclosure for this purchase can be found here.
REI has been the subject of several research reports. Zacks Investment Research downgraded Ring Energy from a “hold” rating to a “sell” rating in a research report on Thursday, February 28th. Northland Securities reaffirmed a “buy” rating and issued a $9.00 target price on shares of Ring Energy in a research report on Tuesday, April 23rd. Finally, Johnson Rice initiated coverage on Ring Energy in a research report on Tuesday, May 28th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $9.40.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of Montreal Can grew its position in shares of Ring Energy by 515.2% during the fourth quarter. Bank of Montreal Can now owns 6,453 shares of the company’s stock worth $33,000 after buying an additional 5,404 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Ring Energy during the fourth quarter worth about $53,000. BNP Paribas Arbitrage SA grew its position in shares of Ring Energy by 62,700.0% during the first quarter. BNP Paribas Arbitrage SA now owns 11,932 shares of the company’s stock worth $70,000 after buying an additional 11,913 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new position in shares of Ring Energy during the fourth quarter worth about $64,000. Finally, Flinton Capital Management LLC grew its position in shares of Ring Energy by 16.4% during the fourth quarter. Flinton Capital Management LLC now owns 13,748 shares of the company’s stock worth $70,000 after buying an additional 1,932 shares in the last quarter.
Ring Energy Company Profile (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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