Bank of New York Mellon Corp Makes New Investment in Ring Energy, Inc. $REI

Key Points

• Bank of New York Mellon acquired 1.12 million Ring Energy shares worth approximately $1.21 million, giving it a 0.54% stake. Institutional investors collectively own 77.14% of the company.
• Ring Energy insiders also purchased shares: an executive vice president bought 231,000 shares and the CEO purchased 50,000 shares. The company recently exceeded quarterly earnings and revenue expectations.
• REI shares were trading at $1.48, down 2.6%, while analyst sentiment remains Hold with a consensus price target of $2.00.

Bank of New York Mellon Corp bought a new stake in shares of Ring Energy, Inc. (NYSEAMERICAN:REI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,121,003 shares of the company's stock, valued at approximately $1,211,000. Bank of New York Mellon Corp owned approximately 0.54% of Ring Energy at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in REI. Arrowstreet Capital Limited Partnership boosted its position in Ring Energy by 74.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,007,921 shares of the company's stock valued at $1,542,000 after purchasing an additional 431,549 shares in the last quarter. State of Wyoming purchased a new position in Ring Energy in the second quarter valued at about $39,000. Hudson Bay Capital Management LP bought a new position in Ring Energy in the second quarter worth about $34,000. Jump Financial LLC bought a new position in Ring Energy in the second quarter worth about $31,000. Finally, HRT Financial LP purchased a new stake in shares of Ring Energy during the fourth quarter valued at about $31,000. 77.14% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Ring Energy

In other news, EVP Sundip Singh Johl bought 231,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average price of $1.21 per share, with a total value of $279,510.00. Following the completion of the acquisition, the executive vice president directly owned 548,460 shares of the company's stock, valued at $663,636.60. This trade represents a 72.77% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul D. Mckinney bought 50,000 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average price of $1.19 per share, for a total transaction of $59,500.00. Following the transaction, the chief executive officer owned 4,158,463 shares of the company's stock, valued at $4,948,570.97. The trade was a 1.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.50% of the stock is currently owned by corporate insiders.

Ring Energy Trading Down 2.6%

NYSEAMERICAN REI opened at $1.48 on Thursday. Ring Energy, Inc. has a 12-month low of $0.83 and a 12-month high of $2.00. The company has a fifty day simple moving average of $1.31 and a two-hundred day simple moving average of $1.37. The company has a current ratio of 0.54, a quick ratio of 0.49 and a debt-to-equity ratio of 0.48. The stock has a market cap of $385.57 million, a P/E ratio of -1.35, a P/E/G ratio of 0.33 and a beta of 0.83.

Ring Energy (NYSEAMERICAN:REI - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.03. The firm had revenue of $104.68 million for the quarter, compared to the consensus estimate of $93.29 million. Ring Energy had a positive return on equity of 5.55% and a negative net margin of 68.02%. On average, analysts forecast that Ring Energy, Inc. will post 0.11 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on REI. Mizuho assumed coverage on shares of Ring Energy in a report on Wednesday, September 2nd. They issued a "neutral" rating and a $2.00 price target on the stock. Bank of America assumed coverage on shares of Ring Energy in a research note on Wednesday, July 15th. They set a "buy" rating and a $2.00 price objective for the company. Finally, Zacks Research cut shares of Ring Energy from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $2.00.

Ring Energy Company Profile

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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