Wall Street brokerages forecast that Ring Energy, Inc. (NYSE:REI – Get Rating) will report $57.89 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Ring Energy’s earnings, with the lowest sales estimate coming in at $57.00 million and the highest estimate coming in at $58.77 million. Ring Energy reported sales of $47.76 million in the same quarter last year, which indicates a positive year-over-year growth rate of 21.2%. The business is expected to issue its next earnings report on Monday, January 1st.
According to Zacks, analysts expect that Ring Energy will report full year sales of $232.73 million for the current fiscal year, with estimates ranging from $227.46 million to $238.00 million. For the next year, analysts forecast that the firm will post sales of $307.00 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Ring Energy.
Separately, StockNews.com began coverage on shares of Ring Energy in a report on Thursday, March 31st. They set a “hold” rating for the company.
Ring Energy Company Profile (Get Rating)
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.
- Get a free copy of the StockNews.com research report on Ring Energy (REI)
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