Ring Energy (NYSEAMERICAN:REI) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Ring Energy beat quarterly earnings estimates, reporting EPS of $0.04 versus the expected $0.03, and revenue of $73.67 million compared with the $69.90 million consensus.
• The stock was trading lower after the report, falling to $1.61 in midday trading Friday, while remaining near the middle of its 12-month range of $0.72 to $2.00.
• Analyst sentiment remains upbeat, with Zacks Research upgrading the stock to strong-buy and MarketBeat showing a consensus target price of $2.50.

Ring Energy (NYSEAMERICAN:REI - Get Free Report) announced its earnings results on Wednesday. The company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.01, FiscalAI reports. The business had revenue of $73.67 million during the quarter, compared to the consensus estimate of $69.90 million. Ring Energy had a negative net margin of 87.63% and a positive return on equity of 5.10%.

Ring Energy Stock Performance

Ring Energy stock traded down $0.04 during mid-day trading on Friday, reaching $1.61. 2,897,884 shares of the stock traded hands, compared to its average volume of 4,295,493. Ring Energy has a 12-month low of $0.72 and a 12-month high of $2.00. The stock has a market capitalization of $337.15 million, a PE ratio of -1.27 and a beta of 0.92. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.40 and a quick ratio of 0.56. The business's 50-day moving average is $1.50 and its 200-day moving average is $1.18.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded Ring Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Strong Buy" and a consensus target price of $2.50.

Institutional Investors Weigh In On Ring Energy

Several hedge funds and other institutional investors have recently modified their holdings of REI. Barclays PLC increased its position in Ring Energy by 32.8% in the third quarter. Barclays PLC now owns 8,000,090 shares of the company's stock worth $8,720,000 after buying an additional 1,975,000 shares in the last quarter. Vanguard Group Inc. grew its holdings in Ring Energy by 18.0% during the 3rd quarter. Vanguard Group Inc. now owns 10,613,683 shares of the company's stock valued at $11,569,000 after buying an additional 1,617,668 shares in the last quarter. Two Sigma Investments LP increased its holdings in Ring Energy by 342.4% in the 3rd quarter. Two Sigma Investments LP now owns 1,849,178 shares of the company's stock valued at $2,016,000 after acquiring an additional 1,431,162 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Ring Energy by 22.5% in the second quarter. Ameriprise Financial Inc. now owns 6,051,151 shares of the company's stock worth $4,805,000 after buying an additional 1,109,514 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Ring Energy during the 4th quarter worth approximately $937,000. 77.14% of the stock is currently owned by hedge funds and other institutional investors.

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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