BlackRock Inc. Makes New $13.05 Million Investment in Ring Energy, Inc. $REI

Key Points

• BlackRock acquired 12.1 million Ring Energy shares worth approximately $13.05 million, giving it a 5.77% stake. Institutional investors collectively own 77.14% of the company.
• Ring Energy insiders also bought shares: the CEO purchased 50,000 shares and the EVP bought 231,000 shares. Company insiders now own 3.50% of outstanding stock.
• The company exceeded quarterly expectations with $0.10 in earnings per share versus a $0.07 consensus estimate and $104.68 million in revenue. Analysts maintain a consensus “Hold” rating with a $2.00 price target, compared with a recent share price of $1.50.

BlackRock Inc. 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 SEC. The fund bought 12,086,312 shares of the company's stock, valued at approximately $13,053,000. BlackRock Inc. owned approximately 5.77% of Ring Energy at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. DGS Capital Management LLC lifted its holdings in shares of Ring Energy by 65.4% during the 4th quarter. DGS Capital Management LLC now owns 31,196 shares of the company's stock valued at $27,000 after buying an additional 12,331 shares during the last quarter. Van Den Berg Management I Inc. grew its stake in Ring Energy by 39.9% in the 3rd quarter. Van Den Berg Management I Inc. now owns 50,884 shares of the company's stock valued at $55,000 after buying an additional 14,523 shares during the last quarter. Barry Investment Advisors LLC increased its stake in shares of Ring Energy by 100.0% in the first quarter. Barry Investment Advisors LLC now owns 30,000 shares of the company's stock worth $46,000 after purchasing an additional 15,000 shares during the period. Callahan Advisors LLC increased its position in Ring Energy by 53.5% in the 4th quarter. Callahan Advisors LLC now owns 43,061 shares of the company's stock worth $37,000 after buying an additional 15,000 shares during the period. Finally, Jefferies Financial Group Inc. raised its stake in 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 purchasing an additional 17,461 shares during the last quarter. 77.14% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Paul D. Mckinney bought 50,000 shares of Ring Energy stock in a transaction dated Monday, June 15th. The shares were bought at an average cost of $1.19 per share, with a total value of $59,500.00. Following the acquisition, the chief executive officer owned 4,158,463 shares in the company, valued at $4,948,570.97. This trade represents a 1.22% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Sundip Singh Johl purchased 231,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The stock was bought at an average price of $1.21 per share, for a total transaction of $279,510.00. Following the transaction, 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. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 3.50% of the company's stock.

Ring Energy Price Performance

Shares of Ring Energy stock opened at $1.50 on Friday. The company has a quick ratio of 0.49, a current ratio of 0.54 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $390.78 million, a price-to-earnings ratio of -1.36, a price-to-earnings-growth ratio of 0.32 and a beta of 0.83. Ring Energy, Inc. has a twelve month low of $0.83 and a twelve month high of $2.00. The company has a 50-day simple moving average of $1.29 and a two-hundred day simple moving average of $1.37.

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on REI. Bank of America assumed coverage on Ring Energy in a research report on Wednesday, July 15th. They issued a "buy" rating and a $2.00 price objective for the company. Mizuho assumed coverage on shares of Ring Energy in a report on Wednesday. They set a "neutral" rating and a $2.00 price objective for the company. Finally, Zacks Research downgraded shares of Ring Energy from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $2.00.

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.

Want to see what other hedge funds are holding REI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ring Energy, Inc. (NYSEAMERICAN:REI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.