Brokerages Expect Ring Energy, Inc. (REI) Will Post Quarterly Sales of $37.93 Million

Equities analysts expect that Ring Energy, Inc. (NASDAQ:REI) will post sales of $37.93 million for the current quarter, Zacks reports. Seven analysts have provided estimates for Ring Energy’s earnings, with estimates ranging from $34.00 million to $41.80 million. Ring Energy posted sales of $23.31 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 62.7%. The business is expected to issue its next earnings results on Thursday, March 21st.

On average, analysts expect that Ring Energy will report full year sales of $129.69 million for the current financial year, with estimates ranging from $125.01 million to $135.80 million. For the next financial year, analysts forecast that the company will report sales of $195.33 million, with estimates ranging from $177.80 million to $217.30 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Ring Energy.

Ring Energy (NASDAQ:REI) last issued its earnings results on Tuesday, November 6th. The company reported $0.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.03. The firm had revenue of $32.69 million during the quarter, compared to analyst estimates of $30.83 million.

REI has been the topic of several research reports. Seaport Global Securities downgraded shares of Ring Energy from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $20.00 to $12.00 in a research report on Tuesday, October 2nd. Ifs Securities reiterated an “outperform” rating on shares of Ring Energy in a research report on Monday, October 29th.

Shares of NASDAQ:REI opened at $7.54 on Friday. Ring Energy has a 52 week low of $6.75 and a 52 week high of $17.35.

About Ring Energy

Ring Energy, Inc acquires, explores for, develops, and produces oil and natural gas in Texas and Kansas, the United States. As of December 31, 2016, its proved reserves consisted of approximately 27.7 million barrel of oil equivalent. The company also owns interests in 32,663 net developed and undeveloped acres in Andrews and Gaines counties, and 20,490 net developed and undeveloped acres in Reeves and Culberson counties, Texas; and 14,549 net developed and undeveloped acres in Kansas.

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