Panagora Asset Management Inc. Buys New Position in Ring Energy, Inc. (NYSEAMERICAN:REI)

Panagora Asset Management Inc. purchased a new position in shares of Ring Energy, Inc. (NYSEAMERICAN:REI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 190,892 shares of the company’s stock, valued at approximately $323,000.

Several other hedge funds have also made changes to their positions in the business. Bank of New York Mellon Corp increased its position in shares of Ring Energy by 10.8% during the second quarter. Bank of New York Mellon Corp now owns 1,264,640 shares of the company’s stock worth $2,137,000 after acquiring an additional 122,851 shares during the period. Catalina Capital Group LLC grew its stake in Ring Energy by 54.9% during the 2nd quarter. Catalina Capital Group LLC now owns 26,329 shares of the company’s stock worth $44,000 after purchasing an additional 9,329 shares in the last quarter. Diversified Trust Co purchased a new stake in Ring Energy during the 2nd quarter worth about $51,000. CWM LLC raised its position in Ring Energy by 448.3% in the 2nd quarter. CWM LLC now owns 23,367 shares of the company’s stock valued at $39,000 after purchasing an additional 19,105 shares in the last quarter. Finally, Cetera Advisors LLC raised its position in Ring Energy by 89.6% in the 1st quarter. Cetera Advisors LLC now owns 34,130 shares of the company’s stock valued at $67,000 after purchasing an additional 16,130 shares in the last quarter. Institutional investors and hedge funds own 77.14% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Ring Energy from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th.

Ring Energy Price Performance

Shares of NYSEAMERICAN:REI opened at $1.62 on Thursday. Ring Energy, Inc. has a 52 week low of $1.25 and a 52 week high of $2.20. The company has a market capitalization of $321.04 million, a price-to-earnings ratio of 4.05 and a beta of 1.63. The company has a current ratio of 0.50, a quick ratio of 0.45 and a debt-to-equity ratio of 0.50.

Ring Energy (NYSEAMERICAN:REI) last posted its earnings results on Tuesday, August 6th. The company reported $0.11 EPS for the quarter, meeting the consensus estimate of $0.11. The firm had revenue of $99.14 million for the quarter, compared to analyst estimates of $98.29 million. Ring Energy had a return on equity of 10.94% and a net margin of 18.41%. As a group, research analysts forecast that Ring Energy, Inc. will post 0.43 earnings per share for the current year.

About Ring Energy

Ring Energy, Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil and natural gas properties. The company has interests in 56,711 net developed acres and 2,668 net undeveloped acres in Andrews, Gaines, Crane, Ector, Winkler, and Ward counties, Texas; and 8,751 net developed acres and 12,405 net undeveloped acres in Yoakum County, Texas and Lea County, New Mexico.