Ring Energy, Inc. (NYSEAMERICAN:REI) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its stake in shares of Ring Energy, Inc. (NYSEAMERICAN:REI - Free Report) by 97.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,398 shares of the company's stock after selling 3,013,853 shares during the quarter. JPMorgan Chase & Co.'s holdings in Ring Energy were worth $98,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Mraz Amerine & Associates Inc. acquired a new position in shares of Ring Energy in the fourth quarter valued at approximately $27,000. Virtu Financial LLC purchased a new stake in Ring Energy in the 3rd quarter worth approximately $39,000. R Squared Ltd acquired a new position in Ring Energy in the 4th quarter valued at $41,000. Sequoia Financial Advisors LLC lifted its stake in shares of Ring Energy by 103.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 32,499 shares of the company's stock worth $44,000 after purchasing an additional 16,558 shares during the period. Finally, Capital Advisors Inc. OK acquired a new stake in shares of Ring Energy during the fourth quarter worth $68,000. Hedge funds and other institutional investors own 77.14% of the company's stock.

Ring Energy Stock Down 5.2 %

Shares of REI opened at $0.87 on Tuesday. Ring Energy, Inc. has a fifty-two week low of $0.78 and a fifty-two week high of $2.06. The company's fifty day moving average is $1.05 and its two-hundred day moving average is $1.35. The firm has a market cap of $172.95 million, a PE ratio of 1.53 and a beta of 1.55. The company has a quick ratio of 0.49, a current ratio of 0.54 and a debt-to-equity ratio of 0.46.

Wall Street Analysts Forecast Growth

REI has been the subject of several analyst reports. Industrial Alliance Securities set a $2.50 target price on Ring Energy in a research note on Friday, March 7th. Alliance Global Partners reaffirmed a "buy" rating on shares of Ring Energy in a research note on Friday, March 7th.

Insider Activity at Ring Energy

In related news, major shareholder Warburg Pincus (E&P) Xii Llc sold 6,575,000 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $1.23, for a total value of $8,087,250.00. Following the completion of the sale, the insider now directly owns 28,945,643 shares in the company, valued at approximately $35,603,140.89. This represents a 18.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul D. Mckinney acquired 200,000 shares of the business's stock in a transaction on Monday, March 10th. The stock was bought at an average cost of $1.08 per share, for a total transaction of $216,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,966,054 shares of the company's stock, valued at $3,203,338.32. This trade represents a 7.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.60% of the stock is owned by insiders.

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.