Ring Energy, Inc. $REI Holdings Increased by State Street Corp

Key Points

• State Street increased its Ring Energy stake by 211.3% in the second quarter, holding 2.51 million shares valued at approximately $2.71 million. Institutional investors collectively own 77.14% of the company, with several major firms initiating new positions.
• Analyst sentiment is mixed: Bank of America initiated coverage with a Buy rating, while Zacks Research and Mizuho rate the stock Hold or Neutral. The average price target is $2.00 versus Ring Energy’s recent share price of $1.36.
• Ring Energy exceeded quarterly expectations, reporting $0.10 in EPS versus the $0.07 consensus and revenue of $104.68 million compared with estimates of $93.29 million, though the company continues to report a negative net margin.

State Street Corp increased its stake in Ring Energy, Inc. (NYSEAMERICAN:REI - Free Report) by 211.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,509,052 shares of the company's stock after acquiring an additional 1,702,965 shares during the period. State Street Corp owned approximately 0.96% of Ring Energy worth $2,710,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in REI. PEAK6 LLC purchased a new position in shares of Ring Energy in the 2nd quarter worth approximately $18,446,000. BlackRock Inc. purchased a new stake in shares of Ring Energy in the second quarter valued at $13,053,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Ring Energy in the 2nd quarter worth about $3,156,000. Nierenberg Investment Management Company LLC bought a new stake in shares of Ring Energy in the 2nd quarter worth about $1,511,519. Finally, Empowered Funds LLC purchased a new position in shares of Ring Energy during the 2nd quarter worth about $1,357,000. 77.14% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on REI shares. Bank of America started coverage on shares of Ring Energy in a research report on Wednesday, July 15th. They issued a "buy" rating and a $2.00 price objective on the stock. Zacks Research cut Ring Energy from a "strong-buy" rating to a "hold" rating in a report on Friday, June 26th. Finally, Mizuho began coverage on Ring Energy in a research report on Wednesday, September 2nd. They issued a "neutral" rating and a $2.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $2.00.

Ring Energy Trading Up 0.7%

Shares of NYSEAMERICAN REI opened at $1.36 on Friday. Ring Energy, Inc. has a twelve month low of $0.83 and a twelve month high of $2.00. The firm has a market cap of $354.31 million, a PE ratio of -1.24, a price-to-earnings-growth ratio of 0.29 and a beta of 0.83. The business has a fifty day simple moving average of $1.39 and a two-hundred day simple moving average of $1.37. The company has a quick ratio of 0.49, a current ratio of 0.54 and a debt-to-equity ratio of 0.48.

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

About Ring Energy

Ring Energy, Inc is an independent oil and natural gas exploration and production company focused on acquiring, developing and operating producing properties in the Permian Basin. The company's activities are concentrated in the oil-rich regions of West Texas and southeastern New Mexico.

Ring Energy's operations include the drilling and completion of horizontal wells, workovers and other development activities designed to increase production from its acreage. Its product portfolio primarily consists of crude oil, natural gas and natural gas liquids, which are marketed to third-party purchasers.

Founded in 2004 and headquartered in The Woodlands, Texas, Ring Energy has grown through a combination of drilling programs and acquisitions of Permian Basin assets.

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