SunTrust Banks, Inc. Reaffirms Buy Rating for Ring Energy, Inc. (REI)
Ring Energy, Inc. (NYSE:REI)‘s stock had its “buy” rating restated by investment analysts at SunTrust Banks, Inc. in a report issued on Friday. They currently have a $19.00 price target on the stock. SunTrust Banks, Inc.’s price target would suggest a potential upside of 38.18% from the stock’s current price.
Several other equities analysts also recently commented on the company. Northland Securities set a $20.00 price objective on Ring Energy and gave the company a “buy” rating in a research report on Saturday, October 21st. Roth Capital set a $20.00 price objective on Ring Energy and gave the company a “buy” rating in a research report on Friday, October 6th. Imperial Capital began coverage on Ring Energy in a research report on Tuesday, August 15th. They issued an “outperform” rating and a $18.00 price objective on the stock. Finally, Zacks Investment Research raised Ring Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $18.67.
Shares of Ring Energy (NYSE REI) traded up $0.13 during trading on Friday, reaching $13.75. The company’s stock had a trading volume of 300,862 shares.
Ring Energy (NYSE:REI) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $0.04 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.04. The business had revenue of $14.50 million during the quarter, compared to the consensus estimate of $14.20 million.
COPYRIGHT VIOLATION NOTICE: “SunTrust Banks, Inc. Reaffirms Buy Rating for Ring Energy, Inc. (REI)” was first published by Watch List News and is the property of of Watch List News. If you are viewing this piece on another domain, it was stolen and reposted in violation of United States & international copyright and trademark legislation. The original version of this piece can be accessed at https://www.watchlistnews.com/suntrust-banks-inc-reaffirms-buy-rating-for-ring-energy-inc-rei/1696313.html.
Several hedge funds have recently modified their holdings of REI. Legal & General Group Plc lifted its holdings in shares of Ring Energy by 4.9% in the 2nd quarter. Legal & General Group Plc now owns 9,869 shares of the company’s stock worth $128,000 after buying an additional 463 shares during the period. UBS Asset Management Americas Inc. purchased a new stake in shares of Ring Energy in the 2nd quarter worth $135,000. Perkins Capital Management Inc. purchased a new stake in shares of Ring Energy in the 3rd quarter worth $145,000. Lyell Wealth Management LP purchased a new stake in shares of Ring Energy in the 2nd quarter worth $149,000. Finally, Alliancebernstein L.P. purchased a new stake in shares of Ring Energy in the 1st quarter worth $155,000.
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.
Receive News & Ratings for Ring Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ring Energy Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.