Cannell Peter B & Co. Inc. Cuts Stake in Ring Energy Inc (REI)

Cannell Peter B & Co. Inc. lessened its holdings in Ring Energy Inc (NYSEAMERICAN:REI) by 1.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,237,475 shares of the company’s stock after selling 39,100 shares during the period. Cannell Peter B & Co. Inc. owned about 3.71% of Ring Energy worth $22,173,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Chartwell Investment Partners LLC purchased a new stake in Ring Energy during the 2nd quarter worth $18,156,000. BlackRock Inc. increased its stake in Ring Energy by 12.5% during the 2nd quarter. BlackRock Inc. now owns 7,772,783 shares of the company’s stock worth $98,093,000 after buying an additional 864,863 shares during the period. Formula Growth Ltd. increased its stake in Ring Energy by 46.4% during the 2nd quarter. Formula Growth Ltd. now owns 2,655,590 shares of the company’s stock worth $33,514,000 after buying an additional 841,226 shares during the period. Dimensional Fund Advisors LP increased its stake in Ring Energy by 32.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,922,825 shares of the company’s stock worth $36,887,000 after buying an additional 713,951 shares during the period. Finally, Eagle Asset Management Inc. increased its stake in Ring Energy by 164.1% during the 2nd quarter. Eagle Asset Management Inc. now owns 948,845 shares of the company’s stock worth $11,974,000 after buying an additional 589,567 shares during the period.

Shares of REI stock opened at $7.72 on Thursday. Ring Energy Inc has a 1-year low of $6.75 and a 1-year high of $17.35.

Ring Energy (NYSEAMERICAN:REI) last announced its quarterly earnings data on Tuesday, November 6th. The company reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.03. The company had revenue of $32.69 million for the quarter, compared to analyst estimates of $30.83 million.

REI has been the topic of several analyst reports. Seaport Global Securities downgraded shares of Ring Energy from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $20.00 to $12.00 in a research note on Tuesday, October 2nd. Zacks Investment Research downgraded shares of Ring Energy from a “hold” rating to a “sell” rating in a research note on Thursday, September 20th. Imperial Capital set a $15.00 price target on shares of Ring Energy and gave the stock an “outperform” rating in a research note on Thursday, October 4th. Finally, Ifs Securities reaffirmed an “outperform” rating on shares of Ring Energy in a research note on Monday, October 29th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Ring Energy currently has a consensus rating of “Buy” and an average price target of $17.89.

In other Ring Energy news, President David A. Fowler sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $11.54, for a total transaction of $115,400.00. Following the completion of the transaction, the president now directly owns 135,200 shares of the company’s stock, valued at approximately $1,560,208. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel D. Wilson sold 25,000 shares of the business’s stock in a transaction dated Monday, September 24th. The shares were sold at an average price of $11.13, for a total transaction of $278,250.00. Following the transaction, the insider now directly owns 40,000 shares of the company’s stock, valued at $445,200. The disclosure for this sale can be found here. Insiders sold a total of 370,375 shares of company stock valued at $4,183,691 over the last ninety days.

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Ring Energy Profile

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, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.

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Institutional Ownership by Quarter for Ring Energy (NYSEAMERICAN:REI)

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