Paul D. Mckinney Purchases 30,000 Shares of Ring Energy, Inc. (NYSEAMERICAN:REI) Stock

Key Points

• Paul D. Mckinney, the CEO of Ring Energy, purchased 30,000 shares at $0.80 each, increasing his ownership to approximately 2.996 million shares valued at over $2.39 million.
• Ring Energy's stock recently traded at $0.81, reflecting a 0.8% decline, with a market capitalization of $168.06 million and a price-to-earnings ratio of 2.32.
• Wall Street analysts have set a buy rating on Ring Energy with a target price of $2.50, indicating potential growth for the stock.

Ring Energy, Inc. (NYSEAMERICAN:REI - Get Free Report) CEO Paul D. Mckinney bought 30,000 shares of Ring Energy stock in a transaction that occurred on Monday, August 11th. The stock was bought at an average cost of $0.80 per share, for a total transaction of $24,000.00. Following the purchase, the chief executive officer owned 2,996,054 shares in the company, valued at $2,396,843.20. This represents a 1.01% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Ring Energy Stock Down 0.8%

NYSEAMERICAN:REI traded down $0.01 during mid-day trading on Wednesday, reaching $0.81. The stock had a trading volume of 3,258,564 shares, compared to its average volume of 2,995,930. The company has a market capitalization of $168.06 million, a price-to-earnings ratio of 2.32 and a beta of 0.80. Ring Energy, Inc. has a 1-year low of $0.72 and a 1-year high of $1.94. The stock's 50 day simple moving average is $0.79 and its two-hundred day simple moving average is $1.01. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.63 and a quick ratio of 0.58.

Ring Energy Dividend Announcement

The firm also recently announced a jun 25 dividend, which was paid on Tuesday, July 8th. Shareholders of record on Monday, June 30th were issued a $0.0965 dividend.

Hedge Funds Weigh In On Ring Energy

Large investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its holdings in shares of Ring Energy by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 153,156 shares of the company's stock valued at $209,000 after buying an additional 9,805 shares during the last quarter. Arkadios Wealth Advisors raised its holdings in Ring Energy by 97.7% during the first quarter. Arkadios Wealth Advisors now owns 23,429 shares of the company's stock worth $27,000 after purchasing an additional 11,579 shares in the last quarter. MetLife Investment Management LLC raised its holdings in Ring Energy by 21.5% during the first quarter. MetLife Investment Management LLC now owns 66,197 shares of the company's stock worth $76,000 after purchasing an additional 11,693 shares in the last quarter. ProShare Advisors LLC raised its holdings in Ring Energy by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 41,736 shares of the company's stock worth $57,000 after purchasing an additional 13,733 shares in the last quarter. Finally, CWM LLC raised its holdings in Ring Energy by 99.3% during the first quarter. CWM LLC now owns 27,773 shares of the company's stock worth $32,000 after purchasing an additional 13,840 shares in the last quarter. Institutional investors own 77.14% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners assumed coverage on Ring Energy in a research note on Friday, July 11th. They issued a "buy" rating and a $2.50 target price on the stock.

About Ring Energy

Ring Energy, Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil and natural gas properties. The company has interests in 56,711 net developed acres and 2,668 net undeveloped acres in Andrews, Gaines, Crane, Ector, Winkler, and Ward counties, Texas; and 8,751 net developed acres and 12,405 net undeveloped acres in Yoakum County, Texas and Lea County, New Mexico.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.