Ring Energy, Inc. (NYSEAMERICAN:REI) Short Interest Up 95.8% in June

Ring Energy, Inc. (NYSEAMERICAN:REI) was the recipient of a large increase in short interest in the month of June. As of June 30th, there was short interest totaling 9,218,172 shares, an increase of 95.8% from the June 15th total of 4,708,138 shares. Based on an average trading volume of 7,765,434 shares, the short-interest ratio is currently 1.2 days. Currently, 4.6% of the shares of the company are sold short.

Analysts Set New Price Targets

Several brokerages have commented on REI. Zacks Research cut shares of Ring Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 26th. Bank of America began coverage on shares of Ring Energy in a report on Wednesday. They issued a “buy” rating and a $2.00 price target on the stock. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Ring Energy has an average rating of “Moderate Buy” and a consensus target price of $2.00.

Insider Buying and Selling at Ring Energy

In other news, EVP Sundip Singh Johl purchased 231,000 shares of the company’s stock in a transaction on Monday, June 15th. The shares were acquired at an average price of $1.21 per share, for a total transaction of $279,510.00. Following the purchase, the executive vice president 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Paul D. Mckinney acquired 50,000 shares of Ring Energy stock in a transaction dated Monday, June 15th. The stock was purchased at an average price of $1.19 per share, with a total value of $59,500.00. Following the completion of the purchase, the chief executive officer owned 4,158,463 shares of the company’s stock, valued at approximately $4,948,570.97. The trade was a 1.22% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 3.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ring Energy

A number of institutional investors have recently modified their holdings of the business. AQR Capital Management LLC raised its holdings 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 worth $3,853,000 after purchasing an additional 744,284 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Ring Energy during the 1st quarter worth approximately $42,000. Empowered Funds LLC raised its stake in shares of Ring Energy by 8.6% during the 1st quarter. Empowered Funds LLC now owns 783,428 shares of the company’s stock worth $901,000 after buying an additional 62,317 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Ring Energy during the 2nd quarter valued at approximately $439,000. Finally, Jump Financial LLC acquired a new stake in Ring Energy in the 2nd quarter valued at $31,000. 77.14% of the stock is currently owned by institutional investors and hedge funds.

Ring Energy Trading Up 2.5%

Ring Energy stock opened at $1.23 on Friday. The company has a current ratio of 0.40, a quick ratio of 0.36 and a debt-to-equity ratio of 0.69. Ring Energy has a 12 month low of $0.72 and a 12 month high of $2.00. The stock’s 50 day simple moving average is $1.24 and its two-hundred day simple moving average is $1.29. The firm has a market cap of $257.57 million, a PE ratio of -0.97, a P/E/G ratio of 0.26 and a beta of 0.80.

Ring Energy (NYSEAMERICAN:REI) last posted its earnings results on Wednesday, May 6th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. The firm had revenue of $73.67 million during the quarter, compared to analyst estimates of $69.90 million. Ring Energy had a negative net margin of 87.63% and a positive return on equity of 5.10%. Analysts anticipate that Ring Energy will post 0.11 earnings per share for the current year.

About Ring Energy

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.