Ring Energy (NYSEAMERICAN:REI) Announces Earnings Results

Key Points

• Ring Energy beat quarterly expectations, reporting earnings of $0.27 per share versus the $0.07 consensus estimate, while revenue reached $104.68 million compared with expectations of $93.29 million. Despite the earnings beat, the company posted a negative net margin of 87.63%.
• The stock traded near $1.23, with a market capitalization of approximately $257.6 million and a 52-week range of $0.73 to $2.00. Analysts maintain a “Moderate Buy” consensus rating with a $2.00 price target.
• Company insiders purchased shares: an executive vice president bought 231,000 shares and the CEO acquired 50,000 shares. Institutional investors own 77.14% of the company, while insiders hold 3.50%.

Ring Energy (NYSEAMERICAN:REI - Get Free Report) announced its quarterly earnings data on Wednesday. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.07 by $0.20, FiscalAI reports. The business had revenue of $104.68 million for the quarter, compared to the consensus estimate of $93.29 million. Ring Energy had a positive return on equity of 5.10% and a negative net margin of 87.63%.

Ring Energy Price Performance

NYSEAMERICAN:REI traded down $0.03 during trading hours on Wednesday, reaching $1.23. The stock had a trading volume of 3,860,636 shares, compared to its average volume of 5,025,149. The stock has a market capitalization of $257.57 million, a PE ratio of -0.97, a PEG ratio of 0.27 and a beta of 0.79. Ring Energy has a 52 week low of $0.73 and a 52 week high of $2.00. The company has a 50 day moving average price of $1.20 and a two-hundred day moving average price of $1.32. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.36 and a current ratio of 0.40.

Insider Buying and Selling

In other Ring Energy news, EVP Sundip Singh Johl purchased 231,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The shares were bought at an average price of $1.21 per share, with a total value of $279,510.00. Following the completion of the purchase, the executive vice president directly owned 548,460 shares in the company, valued at $663,636.60. This trade represents a 72.77% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Paul D. Mckinney acquired 50,000 shares of the stock in a transaction on Monday, June 15th. The shares were acquired at an average price of $1.19 per share, with a total value of $59,500.00. Following the transaction, the chief executive officer directly owned 4,158,463 shares of the company's stock, valued at $4,948,570.97. The trade was a 1.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Centiva Capital LP bought a new position in Ring Energy in the 3rd quarter worth about $26,000. Jump Financial LLC bought a new stake in Ring Energy during the 2nd quarter valued at $31,000. HRT Financial LP purchased a new position in shares of Ring Energy in the 4th quarter valued at $31,000. Hudson Bay Capital Management LP bought a new position in shares of Ring Energy in the 2nd quarter worth $34,000. Finally, State of Wyoming bought a new position in shares of Ring Energy in the 2nd quarter worth $39,000. 77.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on REI. Bank of America began coverage on shares of Ring Energy in a report on Wednesday, July 15th. They issued a "buy" rating and a $2.00 price target on the stock. Zacks Research downgraded shares of Ring Energy from a "strong-buy" rating to a "hold" rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source