Ring Energy (NYSEAMERICAN:REI) Shares Cross Below 200 Day Moving Average - Here's What Happened

Key Points

• Ring Energy shares fell below their 200-day moving average of $1.35, reaching $1.2550 before last trading at $1.28 on heavy volume of approximately 5.46 million shares.
• Analysts maintain a mixed-to-neutral outlook: Bank of America issued a Buy rating, Mizuho rated the stock Neutral, and the overall consensus is Hold with a $2.00 price target.
• The company exceeded quarterly expectations, reporting $0.10 in EPS versus a $0.07 estimate and $104.68 million in revenue versus $93.29 million expected, while institutional investors own 77.14% of the stock.

Ring Energy, Inc. (NYSEAMERICAN:REI - Get Free Report) shares crossed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $1.35 and traded as low as $1.2550. Ring Energy shares last traded at $1.28, with a volume of 5,464,054 shares trading hands.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Mizuho started coverage on shares of Ring Energy in a research report on Wednesday, September 2nd. They set a "neutral" rating and a $2.00 price objective for the company. Bank of America began coverage on shares of Ring Energy in a research report on Wednesday, July 15th. They issued a "buy" rating and a $2.00 target price 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. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $2.00.

Ring Energy Stock Performance

The firm has a fifty day moving average of $1.40 and a 200-day moving average of $1.35. 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 $333.47 million, a price-to-earnings ratio of -1.16, a PEG ratio of 0.30 and a beta of 0.98.

Ring Energy (NYSEAMERICAN:REI - Get Free Report) last released its quarterly earnings results 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. Ring Energy had a positive return on equity of 5.55% and a negative net margin of 68.02%. The business had revenue of $104.68 million during the quarter, compared to the consensus estimate of $93.29 million. As a group, sell-side analysts anticipate that Ring Energy, Inc. will post 0.11 EPS for the current year.

Institutional Trading of Ring Energy

Several institutional investors and hedge funds have recently modified their holdings of the business. Apollon Wealth Management LLC acquired a new position in shares of Ring Energy during the 3rd quarter worth approximately $26,000. Sterling Capital Management LLC lifted its stake in Ring Energy by 4,750.9% in the 3rd quarter. Sterling Capital Management LLC now owns 187,343 shares of the company's stock valued at $245,000 after buying an additional 183,481 shares in the last quarter. State Street Corp grew its holdings in Ring Energy by 211.3% during the 2nd quarter. State Street Corp now owns 2,509,052 shares of the company's stock valued at $2,710,000 after buying an additional 1,702,965 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Ring Energy during the 2nd quarter valued at $65,000. Finally, Amundi acquired a new stake in Ring Energy during the 2nd quarter valued at $67,000. Hedge funds and other institutional investors own 77.14% of the company's stock.

Ring Energy Company Profile

Ring Energy, Inc (NYSE American: REI) is an independent oil and natural gas exploration and production company. The company focuses on the acquisition, development, exploration and operation of oil and gas properties, with an emphasis on generating production from established assets.

Ring Energy's operations are concentrated in the Permian Basin, one of the most significant oil-producing regions in the United States. Its properties are primarily located in the Northwest Shelf of the Permian Basin in southeastern New Mexico and West Texas.

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