Ring Energy Inc (NYSEAMERICAN:REI) Given Average Rating of “Buy” by Analysts
Shares of Ring Energy Inc (NYSEAMERICAN:REI) have been given a consensus recommendation of “Buy” by the eight research firms that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $10.25.
Several research firms have weighed in on REI. Northland Securities reissued a “buy” rating and issued a $9.00 price target on shares of Ring Energy in a report on Tuesday, April 23rd. Zacks Investment Research cut shares of Ring Energy from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Finally, Johnson Rice began coverage on shares of Ring Energy in a report on Tuesday, May 28th. They issued a “buy” rating on the stock.
Shares of REI stock traded down $0.22 on Wednesday, reaching $1.90. The stock had a trading volume of 336,639 shares, compared to its average volume of 702,333. Ring Energy has a 12 month low of $1.86 and a 12 month high of $12.31.
Institutional investors have recently modified their holdings of the business. Atria Investments LLC acquired a new stake in Ring Energy in the second quarter valued at approximately $643,000. BNP Paribas Arbitrage SA boosted its position in Ring Energy by 62,700.0% in the first quarter. BNP Paribas Arbitrage SA now owns 11,932 shares of the company’s stock valued at $70,000 after buying an additional 11,913 shares in the last quarter. Brookstone Capital Management acquired a new stake in Ring Energy in the first quarter valued at approximately $94,000. SG Americas Securities LLC bought a new position in shares of Ring Energy during the first quarter valued at $103,000. Finally, Marshall Wace North America L.P. bought a new position in shares of Ring Energy during the first quarter valued at $106,000.
About Ring Energy
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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