Ring Energy Inc (REI) Sees Significant Drop in Short Interest

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Ring Energy Inc (NYSEAMERICAN:REI) was the recipient of a significant decrease in short interest during the month of April. As of April 30th, there was short interest totalling 6,861,965 shares, a decrease of 1.6% from the April 15th total of 6,974,461 shares. Approximately 11.5% of the company’s stock are sold short. Based on an average trading volume of 463,625 shares, the short-interest ratio is currently 14.8 days.

REI has been the topic of a number of research analyst reports. Northland Securities reaffirmed a “buy” rating and set a $9.00 price target on shares of Ring Energy in a report on Thursday, March 21st. Zacks Investment Research raised Ring Energy from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 20th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $9.40.

Shares of NYSEAMERICAN:REI opened at $4.32 on Wednesday. Ring Energy has a 1 year low of $4.01 and a 1 year high of $16.19.

Ring Energy (NYSEAMERICAN:REI) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.15. The business had revenue of $41.80 million for the quarter, compared to the consensus estimate of $26.53 million.

Large investors have recently made changes to their positions in the company. Rhumbline Advisers lifted its holdings in shares of Ring Energy by 23.0% during the fourth quarter. Rhumbline Advisers now owns 158,332 shares of the company’s stock valued at $804,000 after purchasing an additional 29,651 shares in the last quarter. Royce & Associates LP bought a new position in shares of Ring Energy during the fourth quarter valued at $254,000. Phocas Financial Corp. lifted its holdings in Ring Energy by 8.2% in the fourth quarter. Phocas Financial Corp. now owns 1,392,952 shares of the company’s stock valued at $7,076,000 after acquiring an additional 105,949 shares during the period. Cannell Capital LLC lifted its holdings in Ring Energy by 87.6% in the fourth quarter. Cannell Capital LLC now owns 3,039,848 shares of the company’s stock valued at $15,442,000 after acquiring an additional 1,419,332 shares during the period. Finally, Cambridge Investment Research Advisors Inc. bought a new position in Ring Energy in the fourth quarter valued at about $53,000.

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Ring Energy Company Profile

Ring Energy, Inc, an exploration and production company, acquires, explores for, develops, and produces oil and natural gas in Texas, the United States. As of December 31, 2018, the company's proved reserves consisted of approximately 36.6 million barrel of oil equivalent. As of the above date, it also had interests in 17,408 net developed acres and 58,620 net undeveloped acres in Andrews and Gaines counties; and 19,138 net developed acres and 860 net undeveloped acres in Culberson and Reeves counties.

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