Nierenberg Investment Management Company LLC Makes New Investment in Ring Energy, Inc. $REI

Nierenberg Investment Management Company LLC purchased a new stake in shares of Ring Energy, Inc. (NYSEAMERICAN:REI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,399,555 shares of the company’s stock, valued at approximately $1,511,519. Ring Energy makes up approximately 0.0% of Nierenberg Investment Management Company LLC’s portfolio, making the stock its 17th largest holding. Nierenberg Investment Management Company LLC owned about 0.67% of Ring Energy at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. AQR Capital Management LLC raised its stake in Ring Energy by 28.6% during the first 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 in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Ring Energy during the 1st quarter worth approximately $42,000. Empowered Funds LLC raised its stake in shares of Ring Energy by 8.6% in the first quarter. Empowered Funds LLC now owns 783,428 shares of the company’s stock worth $901,000 after purchasing an additional 62,317 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Ring Energy during the second quarter worth about $439,000. Finally, Jump Financial LLC purchased a new stake in Ring Energy during the second quarter valued at about $31,000. Hedge funds and other institutional investors own 77.14% of the company’s stock.

Insider Buying and Selling

In other news, CEO Paul D. Mckinney bought 50,000 shares of Ring Energy stock in a transaction that occurred on Monday, June 15th. The shares were purchased at an average price of $1.19 per share, for a total transaction 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 $4,948,570.97. The trade was a 1.22% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sundip Singh Johl acquired 231,000 shares of the stock in a transaction dated Monday, June 15th. The stock was acquired at an average cost of $1.21 per share, for a total transaction of $279,510.00. Following the purchase, the executive vice president directly owned 548,460 shares in the company, valued at approximately $663,636.60. The trade was a 72.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 3.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Zacks Research downgraded Ring Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 26th. Bank of America assumed coverage on Ring Energy in a research note on Wednesday, July 15th. They issued a “buy” rating and a $2.00 price target on the stock. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2.00.

Ring Energy Stock Performance

Shares of REI traded down $0.01 during midday trading on Friday, reaching $1.46. The stock had a trading volume of 1,377,822 shares, compared to its average volume of 4,841,579. The firm has a 50 day simple moving average of $1.24 and a 200-day simple moving average of $1.36. The firm has a market cap of $380.36 million, a PE ratio of -1.33, a P/E/G ratio of 0.30 and a beta of 0.79. The company has a current ratio of 0.54, a quick ratio of 0.49 and a debt-to-equity ratio of 0.48. Ring Energy, Inc. has a one year low of $0.83 and a one year high of $2.00.

Ring Energy (NYSEAMERICAN:REI) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.07 by $0.03. Ring Energy had a negative net margin of 68.02% and a positive return on equity of 5.55%. The business had revenue of $104.68 million for the quarter, compared to analyst estimates of $93.29 million. As a group, sell-side analysts anticipate that Ring Energy, Inc. will post 0.11 EPS 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.