PEAK6 LLC Acquires Shares of 17,079,382 Ring Energy, Inc. $REI

Key Points

• PEAK6 LLC acquired 17.08 million Ring Energy shares valued at approximately $18.45 million, giving it an 8.16% stake. Institutional investors and hedge funds collectively own 77.14% of the company.
• Ring Energy reported quarterly EPS of $0.10, exceeding the $0.07 consensus estimate, while revenue of $104.68 million also surpassed expectations.
• The stock recently opened at $1.48, within its $0.83–$2.00 12-month range. Analysts maintain a “Moderate Buy” consensus with an average price target of $2.00, although the company continues to report a negative net margin.

PEAK6 LLC acquired a new position in shares of Ring Energy, Inc. (NYSEAMERICAN:REI - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 17,079,382 shares of the company's stock, valued at approximately $18,446,000. PEAK6 LLC owned about 8.16% of Ring Energy at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Ring Energy in the 2nd quarter valued at about $13,053,000. Barclays PLC lifted its stake in Ring Energy by 32.8% during the third quarter. Barclays PLC now owns 8,000,090 shares of the company's stock worth $8,720,000 after purchasing an additional 1,975,000 shares during the last quarter. Vanguard Group Inc. raised its holdings in Ring Energy by 18.0% during the third quarter. Vanguard Group Inc. now owns 10,613,683 shares of the company's stock worth $11,569,000 after purchasing an additional 1,617,668 shares in the last quarter. Two Sigma Investments LP lifted its position in Ring Energy by 342.4% in the third quarter. Two Sigma Investments LP now owns 1,849,178 shares of the company's stock valued at $2,016,000 after acquiring an additional 1,431,162 shares during the last quarter. Finally, Nierenberg Investment Management Company LLC acquired a new position in Ring Energy in the second quarter valued at $1,511,519,000. 77.14% of the stock is currently owned by institutional investors and hedge funds.

Ring Energy Stock Performance

Shares of REI stock opened at $1.48 on Monday. The stock has a 50 day simple moving average of $1.22 and a 200-day simple moving average of $1.35. Ring Energy, Inc. has a 12-month low of $0.83 and a 12-month high of $2.00. The company has a market cap of $385.57 million, a price-to-earnings ratio of -1.35, a price-to-earnings-growth ratio of 0.32 and a beta of 0.79. The company has a current ratio of 0.54, a quick ratio of 0.49 and a debt-to-equity ratio of 0.48.

Ring Energy (NYSEAMERICAN:REI - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.03. The firm had revenue of $104.68 million during the quarter, compared to analysts' expectations 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, equities analysts forecast that Ring Energy, Inc. will post 0.11 EPS for the current year.

Insider Transactions at Ring Energy

In related news, EVP Sundip Singh Johl bought 231,000 shares of the stock in a transaction on Monday, June 15th. The shares were bought at an average cost of $1.21 per share, for a total transaction of $279,510.00. Following the completion of the transaction, the executive vice president owned 548,460 shares of the company's stock, valued at $663,636.60. This represents a 72.77% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Paul D. Mckinney purchased 50,000 shares of Ring Energy stock in a transaction dated Monday, June 15th. The shares were bought at an average price of $1.19 per share, with a total value of $59,500.00. Following the completion of the transaction, the chief executive officer owned 4,158,463 shares in the company, valued at approximately $4,948,570.97. This trade 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 insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Zacks Research cut Ring Energy from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 26th. Bank of America started coverage on Ring Energy in a research note on Wednesday, July 15th. They set a "buy" rating and a $2.00 price target on the stock. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price 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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