Ring Energy (NYSEAMERICAN:REI)‘s stock had its “buy” rating reissued by research analysts at SunTrust Banks in a research report issued to clients and investors on Sunday. They presently have a $12.00 target price on the stock. SunTrust Banks’ price objective indicates a potential upside of 71.67% from the company’s current price. SunTrust Banks also issued estimates for Ring Energy’s Q4 2018 earnings at $0.10 EPS, FY2019 earnings at $0.76 EPS and FY2020 earnings at $1.44 EPS.
A number of other analysts have also recently commented on the company. Ifs Securities reissued an “outperform” rating on shares of Ring Energy in a research report on Monday, October 29th. Zacks Investment Research raised Ring Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, October 24th. Imperial Capital set a $15.00 price target on Ring Energy and gave the stock an “outperform” rating in a research report on Thursday, October 4th. Finally, Seaport Global Securities cut Ring Energy from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $20.00 to $12.00 in a research report on Tuesday, October 2nd. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $17.11.
Ring Energy stock traded down $0.37 during trading hours on Friday, hitting $6.99. 535,227 shares of the stock traded hands, compared to its average volume of 725,180. Ring Energy has a one year low of $6.75 and a one year high of $17.35.
In related news, insider Daniel D. Wilson sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $11.13, for a total value of $278,250.00. Following the transaction, the insider now directly owns 40,000 shares of the company’s stock, valued at approximately $445,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rochford Living Trust Lloyd Ti sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, September 21st. The shares were sold at an average price of $11.40, for a total value of $1,140,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 360,375 shares of company stock worth $4,068,291.
A number of hedge funds have recently added to or reduced their stakes in REI. Chartwell Investment Partners LLC purchased a new stake in Ring Energy during the 2nd quarter valued at $18,156,000. Franklin Resources Inc. raised its stake in Ring Energy by 53.5% during the 3rd quarter. Franklin Resources Inc. now owns 2,489,665 shares of the company’s stock valued at $24,672,000 after buying an additional 867,370 shares during the last quarter. BlackRock Inc. raised its stake in Ring Energy by 12.5% during the 2nd quarter. BlackRock Inc. now owns 7,772,783 shares of the company’s stock valued at $98,093,000 after buying an additional 864,863 shares during the last quarter. Formula Growth Ltd. raised its stake in Ring Energy by 46.4% during the 2nd quarter. Formula Growth Ltd. now owns 2,655,590 shares of the company’s stock valued at $33,514,000 after buying an additional 841,226 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Ring Energy by 32.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,922,825 shares of the company’s stock valued at $36,887,000 after buying an additional 713,951 shares during the last quarter.
About Ring Energy
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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