Energy Ring (NYSEAMERICAN:REI – Get a rating) has been upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report released on Saturday, Zacks.com reports. The brokerage currently has a price target of $5.00 on the stock. Zacks Investment ResearchThe company’s price target suggests a potential upside of 17.10% from the company’s current price.
According to Zacks, “Ring Energy, Inc. is engaged in the exploration and development of oil and gas. The company primarily operates in Texas and Kansas. Ring Energy, Inc. is based in TULSA, USA. “
Shares of NYSEAMERICAN REI opened at $4.27 on Friday. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt ratio of 0.97. The company has a market capitalization of $427.82 million, a price-earnings ratio of -142.29 and a beta of 2.13. The company has a fifty-day moving average price of $3.33. Ring Energy has a one-year low of $1.81 and a one-year high of $4.85.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its equity stake in Ring Energy by 17.7% during the third quarter. Geode Capital Management LLC now owns 748,337 shares of the company worth $2,207,000 after purchasing an additional 112,529 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in Ring Energy during the third quarter worth approximately $99,000. American Century Companies Inc. increased its stake in Ring Energy by 17.8% in Q3. American Century Companies Inc. now owns 41,740 shares of the company valued at $123,000 after purchasing an additional 6,308 shares during the period. Patriot Financial Group Insurance Agency LLC increased its stake in Ring Energy by 76.7% in Q4. Patriot Financial Group Insurance Agency LLC now owns 34,900 shares of the company valued at $80,000 after purchasing an additional 15,150 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new equity stake in Ring Energy during Q3 worth approximately $378,000. 29.20% of the shares are held by hedge funds and other institutional investors.
About Ring Energy (Get a rating)
Ring Energy, Inc, an exploration and production company, is engaged in the acquisition, exploration, development and production of oil and natural gas in Texas and New Mexico. As of December 31, 2021, the company’s proven reserves consisted of approximately 77.8 million barrels of oil equivalent. It also held interests in 18,882 net developed acres and 1,406 net undeveloped acres in Andrews and Gaines counties, Texas; 18,437 net developed acres in Culberson and Reeves counties, Texas; and 13,662 net developed acres and 11,993 net undeveloped acres in Yoakum, Runnels and Coke counties, Texas, and Lea County, New Mexico.
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