Insider Selling: Ring Energy (REI) CEO Sells 51,238 Shares of Stock

Ring Energy (NYSEAMERICAN:REI) CEO Kelly W. Hoffman sold 51,238 shares of the business’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $13.79, for a total value of $706,572.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of Ring Energy (REI) traded down $0.05 during midday trading on Monday, hitting $13.38. The company had a trading volume of 172,300 shares, compared to its average volume of 383,139. Ring Energy has a 1 year low of $9.22 and a 1 year high of $15.13.

Several brokerages have weighed in on REI. Northland Securities set a $18.00 price target on Ring Energy and gave the stock a “buy” rating in a report on Monday. Roth Capital set a $20.00 price target on Ring Energy and gave the stock a “buy” rating in a report on Wednesday, August 23rd. Imperial Capital began coverage on Ring Energy in a report on Tuesday, August 15th. They set an “outperform” rating and a $18.00 price target on the stock. Finally, SunTrust Banks restated a “buy” rating and set a $19.00 price target on shares of Ring Energy in a report on Friday, November 10th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $18.33.

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Ring Energy Company Profile

Ring Energy, Inc acquires, explores for, develops, and produces oil and natural gas in Texas and Kansas, the United States. As of December 31, 2016, its proved reserves consisted of approximately 27.7 million barrel of oil equivalent. The company also owns interests in 32,663 net developed and undeveloped acres in Andrews and Gaines counties, and 20,490 net developed and undeveloped acres in Reeves and Culberson counties, Texas; and 14,549 net developed and undeveloped acres in Kansas.

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