Nierenberg Investment Management Company LLC Takes Position in Ring Energy, Inc. $REI

Nierenberg Investment Management Company LLC acquired a new position in shares of Ring Energy, Inc. (NYSEAMERICAN:REI) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,399,555 shares of the company’s stock, valued at approximately $1,511,519,000. Ring Energy accounts for approximately 0.8% of Nierenberg Investment Management Company LLC’s holdings, making the stock its 17th biggest holding.

Other large investors also recently modified their holdings of the company. Centiva Capital LP bought a new position in Ring Energy during the third quarter worth $26,000. DGS Capital Management LLC boosted its position in Ring Energy by 65.4% during the fourth quarter. DGS Capital Management LLC now owns 31,196 shares of the company’s stock valued at $27,000 after acquiring an additional 12,331 shares during the last quarter. HRT Financial LP bought a new stake in Ring Energy during the fourth quarter valued at $31,000. Jump Financial LLC acquired a new stake in Ring Energy during the 2nd quarter worth about $31,000. Finally, Jefferies Financial Group Inc. grew its holdings in Ring Energy by 90.0% during the 4th quarter. Jefferies Financial Group Inc. now owns 36,861 shares of the company’s stock worth $32,000 after acquiring an additional 17,461 shares during the period. 77.14% of the stock is currently owned by institutional investors and hedge funds.

Ring Energy Stock Down 0.7%

Ring Energy stock opened at $1.43 on Thursday. The company has a quick ratio of 0.49, a current ratio of 0.54 and a debt-to-equity ratio of 0.48. Ring Energy, Inc. has a 12-month low of $0.83 and a 12-month high of $2.00. The firm’s fifty day moving average is $1.21 and its 200 day moving average is $1.35. The company has a market capitalization of $372.54 million, a PE ratio of -1.30, a PEG ratio of 0.31 and a beta of 0.79.

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

Insider Activity

In related news, EVP Sundip Singh Johl acquired 231,000 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were bought at an average price of $1.21 per share, with a total value of $279,510.00. Following the transaction, the executive vice president directly owned 548,460 shares of the company’s stock, valued at $663,636.60. This trade represents a 72.77% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Paul D. Mckinney acquired 50,000 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were bought at an average cost of $1.19 per share, for a total transaction of $59,500.00. Following the transaction, the chief executive officer directly owned 4,158,463 shares in the company, valued at approximately $4,948,570.97. This represents a 1.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

REI has been the topic of a number of recent analyst reports. 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 started coverage on Ring Energy in a research note on Wednesday, July 15th. They set a “buy” rating and a $2.00 target price for the company. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $2.00.

Ring Energy 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.