Ring Energy (NYSEAMERICAN:REI) Issues Earnings Results, Beats Expectations By $0.03 EPS

Ring Energy (NYSEAMERICAN:REI) posted its quarterly earnings results on Wednesday. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.03, FiscalAI reports. The firm had revenue of $104.68 million during the quarter, compared to analyst estimates of $93.29 million. Ring Energy had a negative net margin of 87.63% and a positive return on equity of 5.10%.

Ring Energy Price Performance

Shares of NYSEAMERICAN:REI traded up $0.05 during trading on Thursday, reaching $1.28. The stock had a trading volume of 6,455,254 shares, compared to its average volume of 5,033,343. The stock has a market capitalization of $268.04 million, a PE ratio of -1.01, a P/E/G ratio of 0.27 and a beta of 0.79. Ring Energy has a 52 week low of $0.74 and a 52 week high of $2.00. The business’s 50-day moving average price is $1.20 and its 200 day moving average price is $1.32. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.40 and a quick ratio of 0.36.

Insiders Place Their Bets

In other Ring Energy news, EVP Sundip Singh Johl purchased 231,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was acquired at an average cost of $1.21 per share, with a total value of $279,510.00. Following the completion of the acquisition, the executive vice president directly owned 548,460 shares of the company’s stock, valued at $663,636.60. This represents a 72.77% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Paul D. Mckinney acquired 50,000 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were bought at an average cost of $1.19 per share, for a total transaction of $59,500.00. Following the acquisition, the chief executive officer owned 4,158,463 shares in the company, valued at approximately $4,948,570.97. The trade was a 1.22% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of REI. Van Den Berg Management I Inc. grew its stake in shares of Ring Energy by 39.9% during the third quarter. Van Den Berg Management I Inc. now owns 50,884 shares of the company’s stock worth $55,000 after purchasing an additional 14,523 shares during the period. Centiva Capital LP bought a new position in Ring Energy during the third quarter worth about $26,000. HRT Financial LP acquired a new position in shares of Ring Energy during the 4th quarter worth about $31,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Ring Energy in the 1st quarter valued at approximately $42,000. Finally, Virtu Financial LLC acquired a new stake in shares of Ring Energy in the 3rd quarter valued at approximately $41,000. Institutional investors and hedge funds own 77.14% of the company’s stock.

Analyst Upgrades and Downgrades

REI has been the topic of several analyst reports. Zacks Research lowered Ring Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 26th. Bank of America started coverage on Ring Energy in a research report on Wednesday, July 15th. They issued a “buy” rating and a $2.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $2.00.

About Ring Energy

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.