Analysts Offer Predictions for Ring Energy Inc’s Q1 2019 Earnings (REI)
Ring Energy Inc (NYSEAMERICAN:REI) – Capital One Financial issued their Q1 2019 earnings estimates for shares of Ring Energy in a note issued to investors on Wednesday, November 7th. Capital One Financial analyst R. Tullis anticipates that the company will post earnings per share of $0.17 for the quarter. Capital One Financial also issued estimates for Ring Energy’s Q2 2019 earnings at $0.20 EPS, Q3 2019 earnings at $0.25 EPS and Q4 2019 earnings at $0.29 EPS.
Several other analysts have also recently weighed in on REI. Zacks Investment Research cut Ring Energy from a “hold” rating to a “sell” rating in a report on Thursday, September 20th. Seaport Global Securities cut Ring Energy from a “buy” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $12.00 in a report on Tuesday, October 2nd. Imperial Capital set a $15.00 price target on Ring Energy and gave the company an “outperform” rating in a report on Thursday, October 4th. Finally, Ifs Securities reaffirmed an “outperform” rating on shares of Ring Energy in a report on Monday, October 29th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $17.89.
Ring Energy (NYSEAMERICAN:REI) last released its quarterly earnings results on Tuesday, November 6th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.03. The business had revenue of $32.69 million during the quarter, compared to analysts’ expectations of $30.83 million.
In related news, CEO Kelly W. Hoffman sold 90,375 shares of the firm’s stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $11.31, for a total transaction of $1,022,141.25. Following the transaction, the chief executive officer now directly owns 117,546 shares of the company’s stock, valued at approximately $1,329,445.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stanley Myron Mccabe sold 100,000 shares of the firm’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $11.23, for a total value of $1,123,000.00. Following the transaction, the director now directly owns 1,720,634 shares in the company, valued at $19,322,719.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 370,375 shares of company stock worth $4,183,691.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Neuburgh Advisers LLC raised its holdings in shares of Ring Energy by 103.5% during the 2nd quarter. Neuburgh Advisers LLC now owns 9,962 shares of the company’s stock valued at $126,000 after buying an additional 5,066 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Ring Energy during the 2nd quarter valued at about $145,000. CIBC World Markets Inc. purchased a new position in shares of Ring Energy during the 2nd quarter valued at about $151,000. Jane Street Group LLC bought a new position in Ring Energy during the 2nd quarter worth approximately $165,000. Finally, Cubist Systematic Strategies LLC bought a new position in Ring Energy during the 1st quarter worth approximately $170,000.
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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