Zacks: Brokerages Expect Ring Energy, Inc. (REI) Will Post Quarterly Sales of $28.04 Million

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Equities analysts expect Ring Energy, Inc. (NASDAQ:REI) to report sales of $28.04 million for the current quarter, Zacks reports. Seven analysts have made estimates for Ring Energy’s earnings, with estimates ranging from $22.80 million to $32.60 million. Ring Energy posted sales of $29.89 million during the same quarter last year, which suggests a negative year-over-year growth rate of 6.2%. The firm is scheduled to issue its next quarterly earnings results on Tuesday, May 14th.

On average, analysts expect that Ring Energy will report full-year sales of $155.11 million for the current fiscal year, with estimates ranging from $121.49 million to $208.00 million. For the next fiscal year, analysts forecast that the company will post sales of $218.39 million, with estimates ranging from $147.40 million to $333.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Ring Energy.

Separately, Capital One Financial lowered shares of Ring Energy from an “overweight” rating to an “equal weight” rating in a research note on Thursday, December 20th.

NASDAQ:REI traded down $0.18 during mid-day trading on Monday, reaching $5.78. The company’s stock had a trading volume of 467,000 shares, compared to its average volume of 583,523. Ring Energy has a 1 year low of $4.01 and a 1 year high of $17.35.

About Ring Energy

Ring Energy, Inc acquires, explores for, develops, and produces oil and natural gas in Texas and Kansas, the United States. As of December 31, 2016, its proved reserves consisted of approximately 27.7 million barrel of oil equivalent. The company also owns interests in 32,663 net developed and undeveloped acres in Andrews and Gaines counties, and 20,490 net developed and undeveloped acres in Reeves and Culberson counties, Texas; and 14,549 net developed and undeveloped acres in Kansas.

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