Ring Energy (REI) Short Interest Update
Ring Energy (NYSE:REI) saw a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 5,798,776 shares, an increase of 2.9% from the July 31st total of 5,637,549 shares. Approximately 11.5% of the company’s stock are sold short. Based on an average trading volume of 448,570 shares, the short-interest ratio is currently 12.9 days.
A number of hedge funds have recently modified their holdings of the company. Royal Bank of Canada boosted its stake in shares of Ring Energy by 12.9% in the second quarter. Royal Bank of Canada now owns 3,749,444 shares of the company’s stock worth $48,743,000 after buying an additional 428,570 shares in the last quarter. Daruma Capital Management LLC boosted its stake in shares of Ring Energy by 1,661.2% in the second quarter. Daruma Capital Management LLC now owns 2,232,367 shares of the company’s stock worth $29,021,000 after buying an additional 2,105,611 shares in the last quarter. Formula Growth Ltd. boosted its stake in shares of Ring Energy by 0.5% in the second quarter. Formula Growth Ltd. now owns 2,088,804 shares of the company’s stock worth $27,154,000 after buying an additional 10,840 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Ring Energy by 4.1% in the second quarter. Vanguard Group Inc. now owns 1,991,090 shares of the company’s stock worth $25,884,000 after buying an additional 77,632 shares in the last quarter. Finally, Cannell Capital LLC boosted its stake in shares of Ring Energy by 2.8% in the first quarter. Cannell Capital LLC now owns 1,767,301 shares of the company’s stock worth $19,122,000 after buying an additional 48,097 shares in the last quarter.
Shares of Ring Energy (NYSE:REI) opened at 12.57 on Friday. The firm’s 50-day moving average is $12.89 and its 200-day moving average is $12.29. Ring Energy has a 52 week low of $8.76 and a 52 week high of $14.14. The stock’s market capitalization is $680.60 million.
Ring Energy (NYSE:REI) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.04 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.04. The business had revenue of $14.50 million for the quarter, compared to analyst estimates of $14.20 million. Analysts forecast that Ring Energy will post $0.19 earnings per share for the current fiscal year.
REI has been the subject of a number of recent analyst reports. Northland Securities set a $20.00 price objective on shares of Ring Energy and gave the stock a “buy” rating in a report on Monday, August 14th. Roth Capital set a $20.00 price objective on shares of Ring Energy and gave the stock a “buy” rating in a report on Thursday, August 10th. Zacks Investment Research upgraded shares of Ring Energy from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, Imperial Capital initiated coverage on shares of Ring Energy in a report on Tuesday, August 15th. They issued an “outperform” rating and a $18.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $17.88.
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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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