Bank of America Begins Coverage on Ring Energy (NYSEAMERICAN:REI)

Investment analysts at Bank of America assumed coverage on shares of Ring Energy (NYSEAMERICAN:REI) in a note issued to investors on Wednesday, Marketbeat reports. The firm set a “buy” rating and a $2.00 price target on the stock. Bank of America‘s price objective would indicate a potential upside of 66.67% from the company’s previous close.

Separately, Zacks Research downgraded shares of Ring Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 26th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $2.00.

Ring Energy Stock Down 1.6%

REI stock opened at $1.20 on Wednesday. The company has a fifty day moving average price of $1.25 and a 200 day moving average price of $1.29. Ring Energy has a 12 month low of $0.72 and a 12 month high of $2.00. The company has a market cap of $251.29 million, a price-to-earnings ratio of -0.94 and a beta of 0.80. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.40 and a quick ratio of 0.36.

Ring Energy (NYSEAMERICAN:REI) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. The firm had revenue of $73.67 million during the quarter, compared to analysts’ expectations of $69.90 million. Ring Energy had a negative net margin of 87.63% and a positive return on equity of 5.10%. Sell-side analysts expect that Ring Energy will post 0.11 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Sundip Singh Johl purchased 231,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average cost 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 in the company, valued at $663,636.60. This trade represents a 72.77% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Paul D. Mckinney purchased 50,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were bought at an average cost of $1.19 per share, with a total value of $59,500.00. Following the completion of the acquisition, the chief executive officer owned 4,158,463 shares of the company’s stock, valued at approximately $4,948,570.97. This trade represents a 1.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Ring Energy

A number of large investors have recently bought and sold shares of the company. AQR Capital Management LLC lifted its stake in shares of Ring Energy by 28.6% in the 1st quarter. AQR Capital Management LLC now owns 3,350,472 shares of the company’s stock worth $3,853,000 after acquiring an additional 744,284 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Ring Energy in the first quarter valued at about $42,000. Empowered Funds LLC increased its stake in shares of Ring Energy by 8.6% during the first quarter. Empowered Funds LLC now owns 783,428 shares of the company’s stock worth $901,000 after acquiring an additional 62,317 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Ring Energy during the second quarter worth about $439,000. Finally, Jump Financial LLC purchased a new position in Ring Energy during the second quarter worth about $31,000. Hedge funds and other institutional investors own 77.14% of the company’s stock.

Ring Energy Company Profile

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.