Mizuho Begins Coverage on Ring Energy (NYSEAMERICAN:REI)

Key Points

• Mizuho initiated coverage of Ring Energy with a “neutral” rating and a $2.00 price target, implying approximately 33% upside from the reported $1.50 share price. Analysts overall assign the stock a “Hold” consensus rating.
• Ring Energy exceeded quarterly expectations, reporting $0.10 in earnings per share versus the $0.07 consensus estimate and revenue of $104.68 million versus $93.29 million expected.
• Company insiders recently bought shares, including purchases by the CEO and an executive vice president, while institutional investors own approximately 77.14% of the company.

Stock analysts at Mizuho began coverage on shares of Ring Energy (NYSEAMERICAN:REI - Get Free Report) in a research report issued on Wednesday, Marketbeat reports. The brokerage set a "neutral" rating and a $2.00 price target on the stock. Mizuho's price objective suggests a potential upside of 33.33% from the stock's current price.

Several other analysts also recently weighed in on the stock. Zacks Research downgraded shares of Ring Energy from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 26th. Bank of America initiated coverage on shares of Ring Energy in a report on Wednesday, July 15th. They issued a "buy" rating and a $2.00 price target for the company. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $2.00.

Ring Energy Price Performance

Shares of NYSEAMERICAN REI opened at $1.50 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.49 and a current ratio of 0.54. The company has a market cap of $390.78 million, a PE ratio of -1.36, a P/E/G ratio of 0.32 and a beta of 0.83. The business has a 50-day simple moving average of $1.26 and a two-hundred day simple moving average of $1.36. Ring Energy has a fifty-two week low of $0.83 and a fifty-two week high of $2.00.

Ring Energy (NYSEAMERICAN:REI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.03. The business had revenue of $104.68 million for the quarter, compared to analyst estimates of $93.29 million. Ring Energy had a positive return on equity of 5.55% and a negative net margin of 68.02%. As a group, equities analysts expect that Ring Energy will post 0.11 EPS for the current fiscal year.

Insider Activity

In other news, EVP Sundip Singh Johl acquired 231,000 shares of Ring Energy stock in a transaction dated Monday, June 15th. The stock was purchased at an average cost of $1.21 per share, for a total transaction of $279,510.00. Following the completion of the purchase, the executive vice president directly owned 548,460 shares in the company, valued at $663,636.60. This trade represents a 72.77% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Paul D. Mckinney bought 50,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The shares were purchased at an average cost of $1.19 per share, with a total value of $59,500.00. Following the acquisition, the chief executive officer directly owned 4,158,463 shares of the company's stock, valued at approximately $4,948,570.97. This trade represents a 1.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 3.50% of the company's stock.

Institutional Trading of Ring Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Centiva Capital LP acquired a new position in Ring Energy during the third quarter valued at $26,000. DGS Capital Management LLC grew its position in Ring Energy by 65.4% during the 4th quarter. DGS Capital Management LLC now owns 31,196 shares of the company's stock worth $27,000 after purchasing an additional 12,331 shares during the period. HRT Financial LP acquired a new stake in Ring Energy during the 4th quarter worth about $31,000. Jump Financial LLC purchased a new position in shares of Ring Energy during the 2nd quarter valued at about $31,000. Finally, Jefferies Financial Group Inc. raised its stake in shares of Ring Energy by 90.0% during the 4th quarter. Jefferies Financial Group Inc. now owns 36,861 shares of the company's stock valued at $32,000 after buying an additional 17,461 shares during the last quarter. Institutional investors and hedge funds own 77.14% of the company's stock.

About Ring Energy

Ring Energy, Inc is an independent oil and natural gas exploration and production company focused on the development, acquisition and operation of upstream assets in the United States. Headquartered in Odessa, Texas, the company concentrates its activities on onshore hydrocarbon plays, where it seeks to optimize production through technical innovation, cost management and disciplined capital allocation. Ring Energy trades on the NYSE American under the ticker symbol REI.

The company's core operations are centered in the Permian Basin, one of North America's most prolific oil-producing regions.

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