Ring Energy (REI) Downgraded by Zacks Investment Research to “Strong Sell”

Zacks Investment Research cut shares of Ring Energy (NYSE:REI) from a hold rating to a strong sell rating in a research report sent to investors on Friday.

According to Zacks, “Ring Energy, Inc. is engaged in the exploration and development of oil and gas. The company operates primarily in Texas and Kansas. Ring Energy, Inc. is based in TULSA, United States. “

Several other analysts have also recently weighed in on the company. Roth Capital set a $19.00 price objective on Ring Energy and gave the company a buy rating in a research report on Thursday. Canaccord Genuity reaffirmed a buy rating and set a $18.00 price objective on shares of Ring Energy in a research report on Thursday, January 12th. Finally, Stephens began coverage on Ring Energy in a research report on Friday, December 16th. They set an overweight rating on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $15.64.

Analyst Recommendations for Ring Energy (NYSE:REI)

Ring Energy (NYSE:REI) remained flat at $10.38 during trading on Friday. 77,616 shares of the company traded hands. The firm has a 50-day moving average price of $12.16 and a 200-day moving average price of $11.72. The company’s market cap is $435.10 million. Ring Energy has a 12-month low of $4.77 and a 12-month high of $14.10.

Ring Energy (NYSE:REI) last posted its quarterly earnings data on Wednesday, March 15th. The company reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by $0.03. Equities analysts expect that Ring Energy will post $0.25 earnings per share for the current year.

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Hedge funds have recently bought and sold shares of the stock. Putnam Investments LLC boosted its stake in Ring Energy by 127.8% in the fourth quarter. Putnam Investments LLC now owns 526,788 shares of the company’s stock valued at $6,843,000 after buying an additional 295,583 shares during the last quarter. Ranger Investment Management L.P. boosted its stake in Ring Energy by 6.8% in the fourth quarter. Ranger Investment Management L.P. now owns 163,074 shares of the company’s stock valued at $2,118,000 after buying an additional 10,330 shares during the last quarter. Ellington Management Group LLC acquired a new position in Ring Energy during the fourth quarter valued at about $244,000. Tudor Investment Corp Et Al raised its position in Ring Energy by 177.8% in the fourth quarter. Tudor Investment Corp Et Al now owns 51,403 shares of the company’s stock valued at $668,000 after buying an additional 32,898 shares during the last quarter. Finally, Two Sigma Investments LP acquired a new position in Ring Energy during the fourth quarter valued at about $386,000.

5 Day Chart for NYSE:REI

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