Ring Energy (NYSEAMERICAN:REI) – Stock analysts at B. Riley dropped their FY2019 earnings estimates for shares of Ring Energy in a research note issued on Tuesday, March 20th, according to Zacks Investment Research. B. Riley analyst R. Rashid now anticipates that the company will earn $2.05 per share for the year, down from their prior forecast of $2.41. B. Riley has a “Buy” rating and a $20.00 price target on the stock.
Several other research analysts have also recently issued reports on the stock. KLR Group assumed coverage on shares of Ring Energy in a report on Thursday, January 11th. They set a “buy” rating for the company. Roth Capital set a $22.00 target price on shares of Ring Energy and gave the stock a “buy” rating in a report on Tuesday, January 16th. Finally, Zacks Investment Research cut shares of Ring Energy from a “strong-buy” rating to a “hold” rating in a report on Saturday, January 13th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Ring Energy has a consensus rating of “Buy” and an average target price of $18.75.
Shares of NYSEAMERICAN:REI traded up $0.31 on Thursday, hitting $14.81. 233,442 shares of the company were exchanged, compared to its average volume of 783,901. Ring Energy has a 1-year low of $10.88 and a 1-year high of $16.09.
Ring Energy (NYSEAMERICAN:REI) last posted its quarterly earnings data on Thursday, March 15th. The company reported $0.09 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.09. Ring Energy had a net margin of 18.47% and a return on equity of 3.75%. The business had revenue of $23.31 million during the quarter, compared to the consensus estimate of $21.32 million.
Institutional investors have recently modified their holdings of the stock. Jefferies Group LLC purchased a new position in Ring Energy in the fourth quarter valued at $229,000. Teacher Retirement System of Texas purchased a new position in Ring Energy in the fourth quarter valued at $238,000. UBS Asset Management Americas Inc. increased its holdings in Ring Energy by 73.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 17,995 shares of the company’s stock valued at $250,000 after buying an additional 7,600 shares in the last quarter. Invictus RG purchased a new position in Ring Energy in the fourth quarter valued at $257,000. Finally, MetLife Investment Advisors LLC purchased a new position in Ring Energy in the fourth quarter valued at $396,000.
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About Ring Energy
Ring Energy, Inc, an exploration and production company, acquires, explores for, develops, and produces oil and natural gas in Texas, the United States. As of December 31, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.
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