Ring Energy Inc (NYSEAMERICAN:REI) shares saw an uptick in trading volume on Friday . 2,771,975 shares traded hands during trading, an increase of 395% from the previous session’s volume of 559,603 shares.The stock last traded at $5.96 and had previously closed at $5.92.
Several brokerages have commented on REI. Zacks Investment Research downgraded Ring Energy from a “hold” rating to a “sell” rating in a research note on Thursday, February 28th. Imperial Capital set a $8.00 target price on Ring Energy and gave the stock a “buy” rating in a research note on Friday, December 28th. Capital One Financial downgraded Ring Energy from an “overweight” rating to an “equal weight” rating in a research note on Thursday, December 20th. Finally, SunTrust Banks reissued a “buy” rating and set a $12.00 target price on shares of Ring Energy in a research note on Sunday, December 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $14.20.
Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. boosted its stake in Ring Energy by 10.5% in the 3rd quarter. BlackRock Inc. now owns 8,587,382 shares of the company’s stock worth $85,102,000 after purchasing an additional 814,599 shares during the period. Dimensional Fund Advisors LP increased its position in Ring Energy by 12.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,003,690 shares of the company’s stock valued at $20,339,000 after acquiring an additional 429,848 shares during the last quarter. Vanguard Group Inc increased its position in Ring Energy by 2.2% during the third quarter. Vanguard Group Inc now owns 3,422,953 shares of the company’s stock valued at $33,922,000 after acquiring an additional 72,507 shares during the last quarter. Vanguard Group Inc. increased its position in Ring Energy by 2.2% during the third quarter. Vanguard Group Inc. now owns 3,422,953 shares of the company’s stock valued at $33,922,000 after acquiring an additional 72,507 shares during the last quarter. Finally, Cannell Capital LLC increased its position in Ring Energy by 87.6% in the fourth quarter. Cannell Capital LLC now owns 3,039,848 shares of the company’s stock worth $15,442,000 after buying an additional 1,419,332 shares in the last quarter.
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, 2017, the company's proved reserves consisted of approximately 31.9 million barrel of oil equivalent. As of the above date, it also had interests in 8,102 net developed acres and 61,772 net undeveloped acres in Andrews and Gaines counties; and 10,235 net developed acres and 9,682 net undeveloped acres in Culberson and Reeves counties.
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