Ring Energy Inc (NYSEAMERICAN:REI)’s share price fell 8.5% on Monday . The company traded as low as $1.64 and last traded at $1.50, 16,962 shares changed hands during mid-day trading. A decline of 98% from the average session volume of 874,782 shares. The stock had previously closed at $1.64.
A number of research firms have weighed in on REI. Zacks Investment Research cut Ring Energy from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. LADENBURG THALM/SH SH cut Ring Energy from a “buy” rating to a “neutral” rating and cut their price target for the company from $5.00 to $3.00 in a research note on Monday, August 26th. Finally, Imperial Capital cut their price target on Ring Energy from $6.00 to $4.00 and set an “outperform” rating on the stock in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Ring Energy presently has an average rating of “Hold” and a consensus price target of $6.30.
The stock has a 50 day simple moving average of $1.65 and a two-hundred day simple moving average of $3.64.
In other news, CEO Kelly W. Hoffman bought 22,000 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average price of $1.60 per share, for a total transaction of $35,200.00. Following the completion of the transaction, the chief executive officer now owns 59,546 shares of the company’s stock, valued at $95,273.60. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President David A. Fowler bought 20,750 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were purchased at an average price of $1.66 per share, for a total transaction of $34,445.00. Following the transaction, the president now directly owns 152,900 shares of the company’s stock, valued at approximately $253,814. The disclosure for this purchase can be found here. Insiders have bought 115,250 shares of company stock worth $183,370 in the last quarter.
Institutional investors and hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue increased its position in Ring Energy by 124.9% in the 3rd quarter. State of Alaska Department of Revenue now owns 45,913 shares of the company’s stock valued at $75,000 after acquiring an additional 25,495 shares during the period. Magnus Financial Group LLC acquired a new position in Ring Energy in the 2nd quarter valued at about $78,000. WINTON GROUP Ltd increased its position in Ring Energy by 23.8% in the 2nd quarter. WINTON GROUP Ltd now owns 26,620 shares of the company’s stock valued at $87,000 after acquiring an additional 5,119 shares during the period. Jane Street Group LLC acquired a new position in Ring Energy in the 2nd quarter valued at about $88,000. Finally, Marshall Wace North America L.P. acquired a new position in Ring Energy in the 1st quarter valued at about $106,000.
Ring Energy Company Profile (NYSEAMERICAN:REI)
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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