$50.71 Million in Sales Expected for Ring Energy, Inc. (NASDAQ:REI) This Quarter

Equities research analysts expect Ring Energy, Inc. (NASDAQ:REI) to announce $50.71 million in sales for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Ring Energy’s earnings, with the highest sales estimate coming in at $53.42 million and the lowest estimate coming in at $48.50 million. Ring Energy reported sales of $32.69 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 55.1%. The company is scheduled to announce its next earnings report on Tuesday, November 5th.

On average, analysts expect that Ring Energy will report full-year sales of $197.11 million for the current fiscal year, with estimates ranging from $192.40 million to $202.65 million. For the next financial year, analysts expect that the company will post sales of $217.55 million, with estimates ranging from $194.00 million to $240.00 million. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Ring Energy.

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

NASDAQ REI traded up $0.24 during trading on Tuesday, reaching $1.82. 2,383,337 shares of the company’s stock were exchanged, compared to its average volume of 814,763. The business has a 50 day moving average price of $1.69 and a 200-day moving average price of $3.75. Ring Energy has a fifty-two week low of $1.23 and a fifty-two week high of $11.44.

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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