Shares of Ring Energy Inc (NYSEAMERICAN:REI) dropped 8.2% on Wednesday . The company traded as low as $1.88 and last traded at $1.91, approximately 913,081 shares traded hands during trading. An increase of 30% from the average daily volume of 703,684 shares. The stock had previously closed at $2.08.
REI has been the subject of a number of analyst reports. Johnson Rice initiated coverage on Ring Energy in a research report on Tuesday, May 28th. They set a “buy” rating for the company. Zacks Investment Research lowered Ring Energy from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Finally, Northland Securities reaffirmed a “buy” rating and set a $9.00 price objective on shares of Ring Energy in a research report on Tuesday, April 23rd. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $8.90.
In other Ring Energy news, CEO Kelly W. Hoffman bought 15,000 shares of Ring Energy stock in a transaction on Monday, June 3rd. The stock was acquired at an average price of $3.62 per share, with a total value of $54,300.00. Following the acquisition, the chief executive officer now owns 22,546 shares in the company, valued at $81,616.52. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Rochford Living Trust Lloyd Ti bought 25,000 shares of Ring Energy stock in a transaction on Tuesday, June 4th. The stock was acquired at an average cost of $3.83 per share, with a total value of $95,750.00. Following the acquisition, the director now owns 1,680,634 shares in the company, valued at approximately $6,436,828.22. The disclosure for this purchase can be found here. In the last three months, insiders acquired 80,000 shares of company stock valued at $300,850.
Several hedge funds have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new position in shares of Ring Energy in the 2nd quarter worth $224,000. Jefferies Group LLC purchased a new position in shares of Ring Energy in the 2nd quarter worth $161,000. Marshall Wace LLP boosted its stake in shares of Ring Energy by 1,030.1% in the 2nd quarter. Marshall Wace LLP now owns 399,587 shares of the company’s stock worth $1,299,000 after buying an additional 364,229 shares during the last quarter. Morgan Stanley boosted its stake in shares of Ring Energy by 1,141.7% in the 2nd quarter. Morgan Stanley now owns 402,222 shares of the company’s stock worth $1,307,000 after buying an additional 369,830 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Ring Energy by 6.2% in the 2nd quarter. Bank of America Corp DE now owns 447,908 shares of the company’s stock worth $1,456,000 after buying an additional 26,090 shares during the last quarter.
About Ring Energy (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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