Insider Buying: Ring Energy Inc (NYSEAMERICAN:REI) CEO Purchases 22,000 Shares of Stock

Ring Energy Inc (NYSEAMERICAN:REI) CEO Kelly W. Hoffman purchased 22,000 shares of Ring Energy stock in a transaction dated Wednesday, September 11th. The stock was acquired at an average cost of $1.60 per share, with a total value of $35,200.00. Following the completion of the acquisition, the chief executive officer now directly owns 59,546 shares in the company, valued at $95,273.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

NYSEAMERICAN REI traded up $0.07 during mid-day trading on Friday, hitting $1.47. The stock had a trading volume of 1,886,304 shares, compared to its average volume of 788,551. Ring Energy Inc has a 52-week low of $1.23 and a 52-week high of $11.79.

Ring Energy (NYSEAMERICAN:REI) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.04. The company had revenue of $51.33 million for the quarter, compared to analysts’ expectations of $49.66 million.

Several analysts have recently commented on REI shares. Zacks Investment Research cut Ring Energy from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Johnson Rice started coverage on Ring Energy in a report on Tuesday, May 28th. They issued a “buy” rating for the company. Imperial Capital reduced their price target on Ring Energy from $6.00 to $4.00 and set an “outperform” rating for the company in a report on Thursday, August 22nd. Finally, LADENBURG THALM/SH SH cut Ring Energy from a “buy” rating to a “neutral” rating and reduced their price target for the company from $5.00 to $3.00 in a report on Monday, August 26th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Ring Energy presently has an average rating of “Buy” and an average price target of $7.25.

Institutional investors have recently added to or reduced their stakes in the business. United Services Automobile Association grew its position in shares of Ring Energy by 78.0% in the second quarter. United Services Automobile Association now owns 1,485,522 shares of the company’s stock valued at $4,828,000 after purchasing an additional 651,100 shares during the period. JPMorgan Chase & Co. grew its position in shares of Ring Energy by 218.0% in the second quarter. JPMorgan Chase & Co. now owns 688,102 shares of the company’s stock valued at $2,215,000 after purchasing an additional 471,744 shares during the period. Vanguard Group Inc. grew its position in shares of Ring Energy by 12.7% in the second quarter. Vanguard Group Inc. now owns 4,095,405 shares of the company’s stock valued at $13,311,000 after purchasing an additional 463,042 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Ring Energy by 12.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,003,690 shares of the company’s stock valued at $20,339,000 after purchasing an additional 429,848 shares during the period. Finally, Morgan Stanley grew its position in shares of Ring Energy by 1,141.7% in the second quarter. Morgan Stanley now owns 402,222 shares of the company’s stock valued at $1,307,000 after purchasing an additional 369,830 shares during the period.

Ring Energy Company 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, 2018, the company's proved reserves consisted of approximately 36.6 million barrel of oil equivalent. As of the above date, it also had interests in 17,408 net developed acres and 58,620 net undeveloped acres in Andrews and Gaines counties; and 19,138 net developed acres and 860 net undeveloped acres in Culberson and Reeves counties.

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Insider Buying and Selling by Quarter for Ring Energy (NYSEAMERICAN:REI)

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