Empowered Funds LLC Buys Shares of 1,256,228 Ring Energy, Inc. $REI

Key Points

• Empowered Funds LLC acquired 1,256,228 Ring Energy shares worth approximately $1.36 million, while institutional investors and hedge funds collectively own 77.14% of the company.
• Ring Energy exceeded quarterly expectations, reporting $0.10 in earnings per share versus the $0.07 estimate and revenue of $104.68 million versus the $93.29 million consensus.
• Analysts maintain a consensus “Hold” rating with a $2.00 price target; the stock recently opened at $1.50, while company executives also purchased shares in June.

Empowered Funds LLC purchased a new position in shares of Ring Energy, Inc. (NYSEAMERICAN:REI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,256,228 shares of the company's stock, valued at approximately $1,357,000. Empowered Funds LLC owned approximately 0.48% of Ring Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently made changes to their positions in the stock. Nierenberg Investment Management Company LLC purchased a new stake in Ring Energy during the 2nd quarter worth about $1,511,519. PEAK6 LLC acquired a new position in Ring Energy in the 2nd quarter valued at about $18,446,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Ring Energy in the 2nd quarter valued at about $3,156,000. De Lisle Partners LLP purchased a new position in Ring Energy in the 2nd quarter valued at about $1,226,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Ring Energy by 74.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,007,921 shares of the company's stock worth $1,542,000 after purchasing an additional 431,549 shares during the last quarter. 77.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Ring Energy Price Performance

Ring Energy stock opened at $1.50 on Friday. Ring Energy, Inc. has a 1 year low of $0.83 and a 1 year high of $2.00. 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 firm has a 50 day moving average price of $1.29 and a 200 day moving average price of $1.37. The company has a market cap of $390.78 million, a price-to-earnings ratio of -1.36, a PEG ratio of 0.32 and a beta of 0.83.

Ring Energy (NYSEAMERICAN:REI - Get Free Report) last posted 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 company had revenue of $104.68 million for the quarter, compared to the consensus estimate of $93.29 million. Ring Energy had a negative net margin of 68.02% and a positive return on equity of 5.55%. Sell-side analysts predict that Ring Energy, Inc. will post 0.11 earnings per share for the current year.

Insider Buying and Selling at Ring Energy

In other Ring Energy news, EVP Sundip Singh Johl purchased 231,000 shares of Ring Energy 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 owned 548,460 shares of the company's stock, valued at approximately $663,636.60. This trade represents a 72.77% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Paul D. Mckinney purchased 50,000 shares of the firm's 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 transaction, the chief executive officer directly owned 4,158,463 shares of the company's stock, valued at approximately $4,948,570.97. This represents a 1.22% increase in their position. The SEC filing for this purchase provides additional information. 3.50% of the stock is currently owned by corporate insiders.

Ring Energy 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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