Congress Asset Management Co. MA Sells 36,260 Shares of Ring Energy Inc (NYSEAMERICAN:REI)

Congress Asset Management Co. MA trimmed its position in shares of Ring Energy Inc (NYSEAMERICAN:REI) by 9.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 359,844 shares of the company’s stock after selling 36,260 shares during the quarter. Congress Asset Management Co. MA’s holdings in Ring Energy were worth $590,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of REI. Bailard Inc. boosted its holdings in Ring Energy by 52.7% during the second quarter. Bailard Inc. now owns 53,450 shares of the company’s stock valued at $174,000 after purchasing an additional 18,450 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in Ring Energy by 11.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 107,188 shares of the company’s stock worth $348,000 after buying an additional 10,789 shares in the last quarter. Financial Advocates Investment Management lifted its holdings in Ring Energy by 1.6% during the 2nd quarter. Financial Advocates Investment Management now owns 616,175 shares of the company’s stock worth $2,003,000 after buying an additional 9,960 shares in the last quarter. Northern Trust Corp lifted its holdings in Ring Energy by 1.6% during the 2nd quarter. Northern Trust Corp now owns 745,690 shares of the company’s stock worth $2,423,000 after buying an additional 11,520 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in Ring Energy by 13.1% during the 2nd quarter. Fisher Asset Management LLC now owns 351,277 shares of the company’s stock worth $1,142,000 after buying an additional 40,716 shares in the last quarter.

In other Ring Energy news, CFO William Randall Broaddrick bought 25,000 shares of the stock in a transaction dated Tuesday, September 10th. The shares were bought at an average cost of $1.69 per share, with a total value of $42,250.00. Following the completion of the acquisition, the chief financial officer now owns 50,000 shares of the company’s stock, valued at $84,500. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President David A. Fowler bought 20,750 shares of the stock in a transaction dated Tuesday, September 10th. The shares were acquired at an average cost of $1.66 per share, for a total transaction of $34,445.00. Following the completion of the acquisition, 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 acquired 115,250 shares of company stock valued at $183,370 over the last 90 days.

Several equities research analysts have recently weighed in on REI shares. Northland Securities set a $2.80 price objective on Ring Energy and gave the company a “buy” rating in a research note on Monday, October 21st. Imperial Capital dropped their target price on shares of Ring Energy from $6.00 to $4.00 and set an “outperform” rating for the company in a research report on Thursday, August 22nd. LADENBURG THALM/SH SH cut shares of Ring Energy from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $5.00 to $3.00 in a research report on Monday, August 26th. Finally, Zacks Investment Research cut Ring Energy from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $5.06.

Shares of Ring Energy stock traded up $0.01 during trading hours on Friday, reaching $2.34. 517,279 shares of the company’s stock were exchanged, compared to its average volume of 886,589. Ring Energy Inc has a fifty-two week low of $1.23 and a fifty-two week high of $7.96. The company has a 50 day moving average of $1.65 and a two-hundred day moving average of $3.64.

Ring Energy (NYSEAMERICAN:REI) last issued its earnings results on Wednesday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.04. The firm had revenue of $51.33 million during the quarter, compared to analyst estimates of $49.66 million.

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

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