Bank of America Corp DE raised its holdings in Ring Energy Inc (NYSEAMERICAN:REI) by 1,535.6% during the second quarter, HoldingsChannel.com reports. The firm owned 385,165 shares of the company’s stock after purchasing an additional 361,616 shares during the period. Bank of America Corp DE’s holdings in Ring Energy were worth $4,862,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of REI. Chartwell Investment Partners LLC purchased a new stake in shares of Ring Energy in the 2nd quarter valued at $18,156,000. BlackRock Inc. raised its holdings in shares of Ring Energy by 12.5% in the 2nd quarter. BlackRock Inc. now owns 7,772,783 shares of the company’s stock valued at $98,093,000 after buying an additional 864,863 shares during the period. Formula Growth Ltd. raised its holdings in shares of Ring Energy by 46.4% in the 2nd quarter. Formula Growth Ltd. now owns 2,655,590 shares of the company’s stock valued at $33,514,000 after buying an additional 841,226 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Ring Energy by 32.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,922,825 shares of the company’s stock valued at $36,887,000 after buying an additional 713,951 shares during the period. Finally, Eagle Asset Management Inc. raised its holdings in shares of Ring Energy by 164.1% in the 2nd quarter. Eagle Asset Management Inc. now owns 948,845 shares of the company’s stock valued at $11,974,000 after buying an additional 589,567 shares during the period.

In related news, insider Daniel D. Wilson sold 25,000 shares of the business’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $11.13, for a total transaction of $278,250.00. Following the completion of the transaction, the insider now directly owns 40,000 shares of the company’s stock, valued at approximately $445,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President David A. Fowler sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $11.54, for a total value of $115,400.00. Following the transaction, the president now directly owns 135,200 shares of the company’s stock, valued at $1,560,208. The disclosure for this sale can be found here. Insiders have sold a total of 370,375 shares of company stock valued at $4,183,691 over the last three months.

Several equities research analysts recently issued reports on REI shares. Zacks Investment Research upgraded Ring Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, July 5th. Imperial Capital set a $15.00 price objective on Ring Energy and gave the company an “outperform” rating in a report on Thursday, October 4th. Finally, Seaport Global Securities downgraded Ring Energy from a “buy” rating to a “neutral” rating and cut their price objective for the company from $20.00 to $12.00 in a report on Tuesday, October 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $17.89.

REI stock opened at $7.45 on Monday. Ring Energy Inc has a 12-month low of $7.31 and a 12-month high of $17.35.

Ring Energy (NYSEAMERICAN:REI) last posted its quarterly earnings data on Wednesday, August 8th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by ($0.04). The firm had revenue of $29.93 million during the quarter, compared to analysts’ expectations of $30.05 million. Ring Energy had a net margin of 18.47% and a return on equity of 3.75%.

Ring Energy Profile

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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Institutional Ownership by Quarter for Ring Energy (NYSEAMERICAN:REI)

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