Ring Energy (NYSEAMERICAN:REI) Lowered to Neutral at Roth Capital

Ring Energy (NYSEAMERICAN:REIGet Rating) was downgraded by investment analysts at Roth Capital from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday, The Fly reports.

Ring Energy Stock Performance

Shares of REI stock traded down $0.08 during trading hours on Monday, reaching $2.59. The company had a trading volume of 3,579,791 shares, compared to its average volume of 2,800,602. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.97. The company has a market cap of $276.36 million, a P/E ratio of -88.97 and a beta of 2.13. Ring Energy has a 1-year low of $1.81 and a 1-year high of $5.09.

Ring Energy (NYSEAMERICAN:REIGet Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.04. Ring Energy had a net margin of 1.69% and a return on equity of 10.23%. The business had revenue of $68.18 million during the quarter, compared to analysts’ expectations of $54.10 million. Equities research analysts forecast that Ring Energy will post 0.61 EPS for the current year.

Insiders Place Their Bets

In related news, major shareholder William R. Kruse acquired 507,214 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was bought at an average price of $2.67 per share, for a total transaction of $1,354,261.38. Following the acquisition, the insider now directly owns 13,446,948 shares of the company’s stock, valued at $35,903,351.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Ring Energy

Several hedge funds have recently modified their holdings of the stock. UBS Group AG lifted its stake in Ring Energy by 252.1% in the 1st quarter. UBS Group AG now owns 9,292 shares of the company’s stock valued at $36,000 after purchasing an additional 6,653 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Ring Energy by 38.0% in the 1st quarter. Acadian Asset Management LLC now owns 25,921 shares of the company’s stock valued at $99,000 after purchasing an additional 7,144 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Ring Energy by 2.3% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 321,551 shares of the company’s stock valued at $1,228,000 after purchasing an additional 7,247 shares during the last quarter. Bank of America Corp DE lifted its stake in Ring Energy by 23.5% in the 1st quarter. Bank of America Corp DE now owns 38,710 shares of the company’s stock valued at $148,000 after purchasing an additional 7,375 shares during the last quarter. Finally, State Street Corp lifted its stake in Ring Energy by 2.7% in the 1st quarter. State Street Corp now owns 351,292 shares of the company’s stock valued at $1,342,000 after purchasing an additional 9,166 shares during the last quarter. Institutional investors own 29.20% of the company’s stock.

Ring Energy Company Profile

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Ring Energy, Inc, an exploration and production company, engages in the acquisition, exploration, development, and production of oil and natural gas in Texas and New Mexico. As of December 31, 2021, the company's proved reserves consisted of approximately 77.8 million barrel of oil equivalent. It also had interests in 18,882 net developed acres and 1,406 net undeveloped acres in Andrews and Gaines counties, Texas; 18,437 net developed acres in Culberson and Reeves counties, Texas; and 13,662 net developed acres and 11,993 net undeveloped acres in Yoakum, Runnels, and Coke Counties, Texas and Lea County, New Mexico.

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