Ring Energy (NYSEAMERICAN:REI) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Ring Energy (NYSEAMERICAN:REI) announced its quarterly earnings data on Wednesday. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01, FiscalAI reports. Ring Energy had a negative net margin of 87.63% and a positive return on equity of 5.10%. The business had revenue of $73.67 million during the quarter, compared to the consensus estimate of $69.90 million.

Ring Energy Stock Down 2.4%

Shares of REI traded down $0.04 during midday trading on Friday, reaching $1.61. 2,897,884 shares of the stock were exchanged, compared to its average volume of 4,295,493. The company has a market capitalization of $337.15 million, a P/E ratio of -1.27 and a beta of 0.92. The company has a current ratio of 0.40, a quick ratio of 0.56 and a debt-to-equity ratio of 0.69. Ring Energy has a 52 week low of $0.72 and a 52 week high of $2.00. The company’s 50 day moving average is $1.50 and its two-hundred day moving average is $1.18.

Analysts Set New Price Targets

Separately, Zacks Research upgraded Ring Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Strong Buy” and an average price target of $2.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Centiva Capital LP purchased a new position in Ring Energy during the 3rd quarter valued at about $26,000. Jump Financial LLC bought a new stake in shares of Ring Energy in the 2nd quarter valued at about $31,000. HRT Financial LP purchased a new stake in shares of Ring Energy in the 4th quarter worth approximately $31,000. Hudson Bay Capital Management LP bought a new position in shares of Ring Energy during the second quarter valued at approximately $34,000. Finally, State of Wyoming bought a new position in shares of Ring Energy during the second quarter valued at approximately $39,000. 77.14% of the stock is currently owned by institutional investors.

Ring Energy Company Profile

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.