Ring Energy (REI) Short Interest Update
Ring Energy (NYSE:REI) was the recipient of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 3,138,883 shares, a growth of 6.1% from the September 15th total of 2,958,008 shares. Currently, 9.0% of the company’s shares are sold short. Based on an average trading volume of 141,837 shares, the short-interest ratio is presently 22.1 days.
Hedge funds have recently bought and sold shares of the company. BlackRock Advisors LLC raised its stake in Ring Energy by 51.4% in the second quarter. BlackRock Advisors LLC now owns 17,040 shares of the company’s stock valued at $150,000 after buying an additional 5,783 shares in the last quarter. American International Group Inc. increased its position in shares of Ring Energy by 69.5% in the second quarter. American International Group Inc. now owns 20,584 shares of the company’s stock valued at $182,000 after buying an additional 8,443 shares during the last quarter. Metropolitan Life Insurance Co. NY bought a new position in shares of Ring Energy during the second quarter valued at approximately $259,000. TFS Capital LLC bought a new position in shares of Ring Energy during the second quarter valued at approximately $273,000. Finally, Renaissance Technologies LLC bought a new position in shares of Ring Energy during the first quarter valued at approximately $289,000.
Shares of Ring Energy (NYSE:REI) traded down 3.44% during trading on Tuesday, hitting $11.24. 96,502 shares of the stock traded hands. Ring Energy has a 1-year low of $4.00 and a 1-year high of $11.80. The firm has a 50-day moving average of $10.40 and a 200-day moving average of $8.44. The firm’s market capitalization is $471.15 million.
REI has been the subject of a number of analyst reports. Zacks Investment Research lowered shares of Ring Energy from a “buy” rating to a “hold” rating in a report on Tuesday, July 26th. Robert W. Baird reaffirmed a “neutral” rating and set a $24.00 target price on shares of Ring Energy in a report on Monday, August 29th. Rodman & Renshaw initiated coverage on shares of Ring Energy in a report on Monday, August 29th. They set a “buy” rating and a $15.00 target price for the company. Imperial Capital initiated coverage on shares of Ring Energy in a report on Tuesday, September 27th. They set an “outperform” rating and a $13.50 target price for the company. Finally, Roth Capital reaffirmed a “buy” rating on shares of Ring Energy in a report on Tuesday, July 12th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $12.56.
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