Ring Energy, Inc. (NYSEAMERICAN:REI) Short Interest Up 95.8% in June

Ring Energy, Inc. (NYSEAMERICAN:REI) was the recipient of a large increase in short interest in June. As of June 30th, there was short interest totaling 9,218,172 shares, an increase of 95.8% from the June 15th total of 4,708,138 shares. Based on an average daily volume of 7,765,434 shares, the days-to-cover ratio is presently 1.2 days. Currently, 4.6% of the company’s stock are short sold.

Insider Buying and Selling

In related news, CEO Paul D. Mckinney purchased 50,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were bought at an average price of $1.19 per share, for a total transaction of $59,500.00. Following the purchase, the chief executive officer directly owned 4,158,463 shares of the company’s stock, valued at approximately $4,948,570.97. This represents a 1.22% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sundip Singh Johl acquired 231,000 shares of Ring Energy stock in a transaction that occurred on Monday, June 15th. The shares were bought at an average cost of $1.21 per share, with a total value of $279,510.00. Following the transaction, the executive vice president owned 548,460 shares in the company, valued at $663,636.60. This represents a 72.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in REI. Royal Fund Management LLC bought a new stake in Ring Energy in the 4th quarter worth approximately $26,000. Centiva Capital LP bought a new position in shares of Ring Energy during the 3rd quarter valued at $26,000. DGS Capital Management LLC lifted its holdings in shares of Ring Energy by 65.4% during the 4th quarter. DGS Capital Management LLC now owns 31,196 shares of the company’s stock valued at $27,000 after buying an additional 12,331 shares during the period. HRT Financial LP bought a new stake in shares of Ring Energy in the fourth quarter worth $31,000. Finally, Jump Financial LLC bought a new stake in shares of Ring Energy in the second quarter worth $31,000. Institutional investors own 77.14% of the company’s stock.

Ring Energy Stock Down 1.6%

NYSEAMERICAN REI traded down $0.02 during mid-day trading on Thursday, reaching $1.20. The stock had a trading volume of 4,092,976 shares, compared to its average volume of 5,175,024. Ring Energy has a 1 year low of $0.72 and a 1 year high of $2.00. The stock has a market cap of $251.29 million, a PE ratio of -0.94 and a beta of 0.80. The company has a fifty day moving average price of $1.26 and a 200 day moving average price of $1.29. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.40 and a quick ratio of 0.36.

Ring Energy (NYSEAMERICAN:REI) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. Ring Energy had a positive return on equity of 5.10% and a negative net margin of 87.63%.The business had revenue of $73.67 million for the quarter, compared to analysts’ expectations of $69.90 million. On average, research analysts expect that Ring Energy will post 0.11 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on REI. Bank of America started coverage on Ring Energy in a report on Wednesday. They set a “buy” rating and a $2.00 price target for the company. Zacks Research downgraded shares of Ring Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 26th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $2.00.

About Ring Energy

Ring Energy, Inc is an independent oil and natural gas exploration and production company focused on the development, acquisition and operation of upstream assets in the United States. Headquartered in Odessa, Texas, the company concentrates its activities on onshore hydrocarbon plays, where it seeks to optimize production through technical innovation, cost management and disciplined capital allocation. Ring Energy trades on the NYSE American under the ticker symbol REI.

The company’s core operations are centered in the Permian Basin, one of North America’s most prolific oil-producing regions.