Ring Energy (NYSEAMERICAN:REI) Now Covered by Bank of America

Key Points

• Bank of America initiated coverage on Ring Energy with a buy rating and a $2.00 price target, implying about 69.5% upside from the current price.
• Ring Energy's shares were trading at $1.18, and the stock has a consensus analyst rating of Moderate Buy with an average price target of $2.00. The company also has a market cap of about $247.1 million.
• The company recently beat quarterly earnings expectations, posting $0.04 EPS versus $0.03 expected and revenue of $73.67 million versus $69.90 million expected. Insider buying was also notable, with both the EVP and CEO purchasing shares in June.

Investment analysts at Bank of America started coverage on shares of Ring Energy (NYSEAMERICAN:REI - Get Free Report) in a report released on Wednesday,Benzinga reports. The firm set a "buy" rating and a $2.00 price target on the stock. Bank of America's price target suggests a potential upside of 69.49% from the company's current price.

Separately, Zacks Research lowered shares of Ring Energy from a "strong-buy" rating to a "hold" rating in a report on Friday, June 26th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Ring Energy presently has a consensus rating of "Moderate Buy" and an average price target of $2.00.

Ring Energy Stock Performance

Shares of Ring Energy stock opened at $1.18 on Wednesday. The company has a market capitalization of $247.10 million, a PE ratio of -0.93 and a beta of 0.80. The company has a 50-day simple moving average of $1.27 and a two-hundred day simple moving average of $1.29. Ring Energy has a one year low of $0.72 and a one year high of $2.00. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.36 and a current ratio of 0.40.

Ring Energy (NYSEAMERICAN:REI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.01. Ring Energy had a negative net margin of 87.63% and a positive return on equity of 5.10%. The firm had revenue of $73.67 million for the quarter, compared to the consensus estimate of $69.90 million. Research analysts expect that Ring Energy will post 0.11 EPS for the current fiscal year.

Insider Transactions at Ring Energy

In related news, EVP Sundip Singh Johl acquired 231,000 shares of the business's stock in a transaction dated Monday, June 15th. The shares were purchased at an average price of $1.21 per share, for a total transaction of $279,510.00. Following the completion of the acquisition, the executive vice president directly owned 548,460 shares in the company, valued at $663,636.60. The trade was a 72.77% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Paul D. Mckinney acquired 50,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The stock was bought at an average cost of $1.19 per share, with a total value of $59,500.00. Following the completion of the transaction, the chief executive officer directly owned 4,158,463 shares in the company, valued at $4,948,570.97. The trade was a 1.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 3.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of REI. AQR Capital Management LLC lifted its stake in shares of Ring Energy by 28.6% during the first quarter. AQR Capital Management LLC now owns 3,350,472 shares of the company's stock worth $3,853,000 after buying an additional 744,284 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Ring Energy in the 1st quarter worth $42,000. Empowered Funds LLC raised its stake in Ring Energy by 8.6% in the 1st quarter. Empowered Funds LLC now owns 783,428 shares of the company's stock worth $901,000 after acquiring an additional 62,317 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Ring Energy during the 2nd quarter worth about $439,000. Finally, Jump Financial LLC acquired a new stake in Ring Energy during the 2nd quarter worth about $31,000. Institutional investors and hedge funds own 77.14% of the company's stock.

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.

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