Ring Energy (NYSEAMERICAN:REI) Shares Down 7.6% – Here’s What Happened

Ring Energy, Inc. (NYSEAMERICAN:REI)’s share price fell 7.6% during trading on Thursday . The company traded as low as $1.21 and last traded at $1.21. 4,076,077 shares traded hands during mid-day trading, an increase of 9% from the average session volume of 3,737,579 shares. The stock had previously closed at $1.31.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of Ring Energy to a “hold” rating in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $2.50.

Ring Energy Stock Up 5.0%

The company has a current ratio of 0.55, a quick ratio of 0.50 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $263.17 million, a PE ratio of -18.14 and a beta of 1.00. The stock’s fifty day simple moving average is $1.00 and its 200-day simple moving average is $0.98.

Institutional Trading of Ring Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC grew its position in Ring Energy by 28.6% during the first quarter. AQR Capital Management LLC now owns 3,350,472 shares of the company’s stock worth $3,853,000 after buying an additional 744,284 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Ring Energy in the 1st quarter worth approximately $42,000. Empowered Funds LLC boosted its position in Ring Energy by 8.6% during the 1st quarter. Empowered Funds LLC now owns 783,428 shares of the company’s stock valued at $901,000 after buying an additional 62,317 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in shares of Ring Energy by 49.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 142,653 shares of the company’s stock worth $113,000 after purchasing an additional 46,945 shares during the last quarter. Finally, CWM LLC increased its stake in shares of Ring Energy by 61.3% during the second quarter. CWM LLC now owns 44,809 shares of the company’s stock valued at $36,000 after buying an additional 17,036 shares during the period. 77.14% of the stock is currently owned by hedge funds and other institutional investors.

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.