Ring Energy Inc (NYSEAMERICAN:REI) was the recipient of a large growth in short interest in February. As of February 15th, there was short interest totalling 4,909,145 shares, a growth of 42.7% from the January 31st total of 3,440,871 shares. Based on an average daily trading volume, of 1,808,934 shares, the short-interest ratio is currently 2.7 days. Currently, 9.8% of the shares of the stock are sold short.
Several research analysts recently commented on the company. B. Riley assumed coverage on Ring Energy in a research note on Monday, February 5th. They issued a “buy” rating and a $22.00 price objective for the company. Roth Capital set a $22.00 price objective on Ring Energy and gave the company a “buy” rating in a research note on Tuesday, January 16th. Zacks Investment Research downgraded Ring Energy from a “strong-buy” rating to a “hold” rating in a research note on Saturday, January 13th. KLR Group assumed coverage on Ring Energy in a research note on Thursday, January 11th. They issued a “buy” rating for the company. Finally, Northland Securities set a $18.00 price objective on Ring Energy and gave the company a “buy” rating in a research note on Monday, December 11th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $19.00.
In related news, Director Rochford Living Trust Lloyd Ti sold 86,486 shares of the stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $14.81, for a total value of $1,280,857.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William Randall Broaddrick sold 75,000 shares of the stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $14.02, for a total value of $1,051,500.00. Following the completion of the transaction, the chief financial officer now directly owns 50,000 shares of the company’s stock, valued at $701,000. The disclosure for this sale can be found here.
Shares of Ring Energy (NYSEAMERICAN:REI) opened at $14.67 on Wednesday. Ring Energy has a 52 week low of $9.22 and a 52 week high of $16.09. The stock has a market capitalization of $794.53, a price-to-earnings ratio of 133.36 and a beta of 0.23.
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About Ring Energy
Ring Energy, Inc (Ring) is an exploration and production company that is engaged in oil and natural gas acquisition, exploration, development and production activities. The Company’s exploration and production interests are focused on Texas and Kansas. Its operations are all oil and gas exploration and production related activities in the United States.
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