Ring Energy (NYSEAMERICAN:REI) Posts Earnings Results, Misses Estimates By $0.30 EPS

Ring Energy (NYSEAMERICAN:REI) issued its quarterly earnings data on Thursday. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.30), FiscalAI reports. The company had revenue of $78.60 million for the quarter, compared to the consensus estimate of $83.20 million. Ring Energy had a return on equity of 6.26% and a net margin of 20.72%.

Ring Energy Stock Down 1.8%

Shares of Ring Energy stock traded down $0.02 during trading on Thursday, reaching $0.95. The company’s stock had a trading volume of 2,205,539 shares, compared to its average volume of 2,464,700. The company has a quick ratio of 0.58, a current ratio of 0.63 and a debt-to-equity ratio of 0.50. The company has a market cap of $195.18 million, a price-to-earnings ratio of 3.70 and a beta of 0.93. Ring Energy has a 1-year low of $0.72 and a 1-year high of $1.77. The company has a 50-day simple moving average of $1.03 and a two-hundred day simple moving average of $0.90.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Alliance Global Partners assumed coverage on Ring Energy in a research report on Friday, July 11th. They set a “buy” rating and a $2.50 target price on the stock. Zacks Research raised Ring Energy from a “strong sell” rating to a “hold” rating in a research report on Friday, August 29th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $2.50.

Institutional Trading of Ring Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in Ring Energy during the 2nd quarter worth about $39,000. Hudson Bay Capital Management LP acquired a new stake in Ring Energy during the 2nd quarter worth about $34,000. Oxford Asset Management LLP acquired a new stake in Ring Energy during the 2nd quarter worth about $72,000. Bridgeway Capital Management LLC lifted its position in Ring Energy by 3.3% during the 2nd quarter. Bridgeway Capital Management LLC now owns 2,131,708 shares of the company’s stock worth $1,693,000 after acquiring an additional 67,637 shares during the period. Finally, Brevan Howard Capital Management LP purchased a new position in shares of Ring Energy during the 2nd quarter valued at about $207,000. Institutional investors and hedge funds own 77.14% of the company’s stock.

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.