Nierenberg Investment Management Company LLC Invests $1.51 Billion in Ring Energy, Inc. $REI

Nierenberg Investment Management Company LLC purchased a new stake in Ring Energy, Inc. (NYSEAMERICAN:REI) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,399,555 shares of the company’s stock, valued at approximately $1,511,519,000. Ring Energy makes up 0.8% of Nierenberg Investment Management Company LLC’s holdings, making the stock its 17th largest position. Nierenberg Investment Management Company LLC owned 0.67% of Ring Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in REI. Centiva Capital LP bought a new position in Ring Energy during the 3rd quarter worth $26,000. Sigma Planning Corp acquired a new position in Ring Energy in the 1st quarter valued at $39,000. Barry Investment Advisors LLC lifted its position in shares of Ring Energy by 100.0% during the 1st quarter. Barry Investment Advisors LLC now owns 30,000 shares of the company’s stock valued at $46,000 after acquiring an additional 15,000 shares during the period. DGS Capital Management LLC lifted its position in shares of Ring Energy by 65.4% during the 4th quarter. DGS Capital Management LLC now owns 31,196 shares of the company’s stock valued at $27,000 after acquiring an additional 12,331 shares during the period. Finally, HRT Financial LP acquired a new stake in shares of Ring Energy during the 4th quarter worth $31,000. 77.14% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on REI shares. Zacks Research cut Ring Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 26th. Bank of America initiated coverage on shares of Ring Energy in a research report on Wednesday, July 15th. They set a “buy” rating and a $2.00 price objective for the company. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Ring Energy currently has an average rating of “Moderate Buy” and an average target price of $2.00.

Ring Energy Price Performance

Shares of REI stock opened at $1.43 on Thursday. The company has a market cap of $372.54 million, a P/E ratio of -1.30, a P/E/G ratio of 0.31 and a beta of 0.79. The company has a quick ratio of 0.49, a current ratio of 0.54 and a debt-to-equity ratio of 0.48. Ring Energy, Inc. has a twelve month low of $0.83 and a twelve month high of $2.00. The business has a fifty day simple moving average of $1.21 and a 200 day simple moving average of $1.35.

Ring Energy (NYSEAMERICAN:REI) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. Ring Energy had a negative net margin of 68.02% and a positive return on equity of 5.55%. The company had revenue of $104.68 million for the quarter, compared to the consensus estimate of $93.29 million. On average, sell-side analysts forecast that Ring Energy, Inc. will post 0.11 EPS for the current fiscal year.

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.