Ring Energy (NYSEAMERICAN:REI) Coverage Initiated at Alliance Global Partners

Analysts at Alliance Global Partners started coverage on shares of Ring Energy (NYSEAMERICAN:REI) in a note issued to investors on Friday. The brokerage set a “buy” rating and a $2.50 price target on the stock. Alliance Global Partners’ price objective indicates a potential upside of 205.81% from the company’s current price.

Ring Energy Price Performance

Shares of REI stock opened at $0.82 on Friday. The firm has a market cap of $168.83 million, a P/E ratio of 2.27 and a beta of 0.77. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.47 and a quick ratio of 0.44. Ring Energy has a 1-year low of $0.72 and a 1-year high of $2.06. The firm has a fifty day moving average of $0.80 and a two-hundred day moving average of $1.12.

Insiders Place Their Bets

In other news, major shareholder Warburg Pincus (E&P) Xii Llc sold 2,486,027 shares of Ring Energy stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $0.92, for a total value of $2,287,144.84. Following the completion of the transaction, the insider directly owned 20,509,300 shares of the company’s stock, valued at approximately $18,868,556. The trade was a 10.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 8,436,343 shares of company stock worth $7,183,625. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Ameriprise Financial Inc. boosted its holdings in shares of Ring Energy by 1.0% in the 4th quarter. Ameriprise Financial Inc. now owns 5,332,208 shares of the company’s stock valued at $7,252,000 after buying an additional 51,577 shares during the period. AQR Capital Management LLC lifted its position in Ring Energy by 28.6% in the 1st quarter. AQR Capital Management LLC now owns 3,350,472 shares of the company’s stock valued at $3,853,000 after purchasing an additional 744,284 shares during the last quarter. Geode Capital Management LLC lifted its position in Ring Energy by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 3,060,543 shares of the company’s stock valued at $4,163,000 after purchasing an additional 89,614 shares during the last quarter. Millennium Management LLC lifted its position in Ring Energy by 358.0% in the 4th quarter. Millennium Management LLC now owns 1,082,632 shares of the company’s stock valued at $1,472,000 after purchasing an additional 846,241 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Ring Energy in the 4th quarter valued at about $1,378,000. 77.14% of the stock is owned by institutional investors and hedge funds.

Ring Energy Company Profile

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.