Ring Energy (REI) CEO Sells $706,572.02 in Stock
Ring Energy (NYSEAMERICAN:REI) CEO Kelly W. Hoffman sold 51,238 shares of the stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $13.79, for a total value of $706,572.02. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Ring Energy (NYSEAMERICAN:REI) traded down $0.04 during midday trading on Thursday, hitting $13.80. The stock had a trading volume of 237,000 shares, compared to its average volume of 380,993. Ring Energy has a fifty-two week low of $9.22 and a fifty-two week high of $14.67.
REI has been the topic of a number of research reports. SunTrust Banks restated a “buy” rating and issued a $19.00 price objective on shares of Ring Energy in a report on Friday, November 10th. Northland Securities set a $20.00 price objective on Ring Energy and gave the company a “buy” rating in a report on Saturday, October 21st. Roth Capital set a $20.00 price objective on Ring Energy and gave the company a “buy” rating in a report on Friday, October 6th. Zacks Investment Research upgraded Ring Energy from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, Imperial Capital assumed coverage on Ring Energy in a report on Tuesday, August 15th. They set an “outperform” rating and a $18.00 price target on the stock. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $18.67.
Ring Energy Company Profile
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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