Ring Energy (REI) Sees Significant Drop in Short Interest

Ring Energy (NYSE:REI) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 5,637,549 shares, a drop of 1.0% from the July 14th total of 5,694,684 shares. Approximately 11.2% of the shares of the stock are sold short. Based on an average trading volume of 816,237 shares, the days-to-cover ratio is currently 6.9 days.

Hedge funds have recently added to or reduced their stakes in the stock. Sheaff Brock Investment Advisors LLC acquired a new stake in Ring Energy during the second quarter worth approximately $169,000. Eagle Boston Investment Management Inc. increased its stake in Ring Energy by 3.0% in the second quarter. Eagle Boston Investment Management Inc. now owns 810,453 shares of the company’s stock worth $10,535,000 after buying an additional 23,619 shares during the last quarter. Heartland Advisors Inc. increased its stake in Ring Energy by 18.2% in the second quarter. Heartland Advisors Inc. now owns 354,600 shares of the company’s stock worth $4,610,000 after buying an additional 54,600 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in Ring Energy during the second quarter worth approximately $3,630,000. Finally, Victory Capital Management Inc. increased its stake in Ring Energy by 5.4% in the second quarter. Victory Capital Management Inc. now owns 130,295 shares of the company’s stock worth $1,694,000 after buying an additional 6,705 shares during the last quarter.

Shares of Ring Energy (NYSE:REI) opened at 13.59 on Thursday. The stock has a 50 day moving average price of $12.65 and a 200 day moving average price of $12.35. The company’s market capitalization is $668.17 million. Ring Energy has a one year low of $8.58 and a one year high of $14.14.

Ring Energy (NYSE:REI) last released its quarterly earnings data on Tuesday, August 8th. The company reported $0.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.04. The business had revenue of $14.50 million during the quarter, compared to analyst estimates of $14.20 million. On average, equities research analysts predict that Ring Energy will post $0.18 earnings per share for the current year.

REI has been the topic of a number of recent analyst reports. Roth Capital set a $19.00 price target on Ring Energy and gave the company a “buy” rating in a report on Monday, April 17th. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating and issued a $17.00 target price (up from $15.00) on shares of Ring Energy in a report on Saturday, April 22nd. Finally, Zacks Investment Research cut Ring Energy from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $16.79.

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