Ring Energy (REI) Trading Down 5.5% After Insider Selling
Shares of Ring Energy Inc (NYSEAMERICAN:REI) traded down 5.5% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $10.45 and last traded at $10.48. 535,400 shares were traded during trading, a decline of 21% from the average session volume of 674,834 shares. The stock had previously closed at $11.09.
Specifically, President David A. Fowler sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The stock was sold at an average price of $11.54, for a total value of $115,400.00. Following the sale, the president now directly owns 135,200 shares in the company, valued at approximately $1,560,208. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel D. Wilson sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $11.13, for a total value of $278,250.00. Following the completion of the sale, the insider now owns 40,000 shares in the company, valued at $445,200. The disclosure for this sale can be found here. In the last three months, insiders sold 370,375 shares of company stock worth $4,183,691.
Separately, Zacks Investment Research upgraded Ring Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 5th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $19.14.
Several hedge funds have recently modified their holdings of the company. Rhumbline Advisers boosted its stake in shares of Ring Energy by 167.2% during the 1st quarter. Rhumbline Advisers now owns 120,803 shares of the company’s stock worth $1,734,000 after acquiring an additional 75,592 shares in the last quarter. Prudential Financial Inc. bought a new stake in shares of Ring Energy during the 1st quarter worth $1,270,000. Swiss National Bank boosted its stake in shares of Ring Energy by 17.4% during the 1st quarter. Swiss National Bank now owns 98,332 shares of the company’s stock worth $1,411,000 after acquiring an additional 14,600 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Ring Energy by 8.1% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 266,888 shares of the company’s stock worth $3,830,000 after acquiring an additional 20,051 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Ring Energy by 2.8% during the 1st quarter. Northern Trust Corp now owns 725,111 shares of the company’s stock worth $10,405,000 after acquiring an additional 19,865 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, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.
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