Ring Energy (NYSEAMERICAN:REI) Shares Down 2.6% – Time to Sell?

Ring Energy, Inc. (NYSEAMERICAN:REI) shares dropped 2.6% on Monday . The company traded as low as $0.8555 and last traded at $0.8558. Approximately 1,327,330 shares were traded during mid-day trading, an increase of 12% from the average daily volume of 1,180,858 shares. The stock had previously closed at $0.8785.

Analysts Set New Price Targets

Separately, Zacks Research raised shares of Ring Energy from a “strong sell” rating to a “hold” rating in a research note on Friday, August 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $2.50.

Ring Energy Stock Performance

The stock has a market capitalization of $177.34 million, a PE ratio of -12.22 and a beta of 0.85. The company has a quick ratio of 0.50, a current ratio of 0.55 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average of $0.96 and a 200-day moving average of $0.91.

Ring Energy (NYSEAMERICAN:REI) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. Ring Energy had a positive return on equity of 6.07% and a negative net margin of 5.01%.The company had revenue of $78.60 million for the quarter, compared to analyst estimates of $83.20 million. Equities analysts anticipate that Ring Energy, Inc. will post 0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ring Energy

A number of large investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Ring Energy by 47.8% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 613,311 shares of the company’s stock worth $705,000 after purchasing an additional 198,418 shares during the last quarter. Nuveen LLC acquired a new stake in Ring Energy in the first quarter valued at $503,000. MetLife Investment Management LLC raised its stake in Ring Energy by 21.5% in the first quarter. MetLife Investment Management LLC now owns 66,197 shares of the company’s stock valued at $76,000 after buying an additional 11,693 shares in the last quarter. Ieq Capital LLC purchased a new stake in Ring Energy during the 1st quarter worth about $84,000. Finally, AQR Capital Management LLC boosted its position in shares of Ring Energy by 28.6% during the 1st quarter. AQR Capital Management LLC now owns 3,350,472 shares of the company’s stock worth $3,853,000 after acquiring an additional 744,284 shares in the last quarter. 77.14% of the stock is owned by hedge funds and other institutional investors.

About Ring Energy

Ring Energy, Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil and natural gas properties. The company has interests in 56,711 net developed acres and 2,668 net undeveloped acres in Andrews, Gaines, Crane, Ector, Winkler, and Ward counties, Texas; and 8,751 net developed acres and 12,405 net undeveloped acres in Yoakum County, Texas and Lea County, New Mexico.