Trading Report: Today, Ring Energy (REI) Short Interest Update

Today, Ring Energy (REI) Short Interest Update

Ring Energy (NYSE:REI) saw a large decrease in short interest in November. As of November 15th, there was short interest totalling 3,675,275 shares, a decrease of 0.8% from the October 31st total of 3,706,311 shares. Based on an average daily trading volume, of 253,884 shares, the short-interest ratio is presently 14.5 days. Currently, 10.5% of the company’s stock are sold short.

Several brokerages recently issued reports on REI. Zacks Investment Research lowered Ring Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, August 10th. Canaccord Genuity reaffirmed a “buy” rating and set a $14.00 target price on shares of Ring Energy in a research report on Monday, November 14th. Imperial Capital began coverage on Ring Energy in a research report on Tuesday, September 27th. They set an “outperform” rating and a $13.50 target price on the stock. Robert W. Baird reaffirmed a “neutral” rating and set a $24.00 target price on shares of Ring Energy in a research report on Monday, August 29th. Finally, Rodman & Renshaw began coverage on Ring Energy in a research report on Monday, August 29th. They set a “buy” rating and a $15.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Ring Energy currently has a consensus rating of “Buy” and a consensus target price of $12.78.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Phocas Financial Corp. raised its position in Ring Energy by 6.6% in the third quarter. Phocas Financial Corp. now owns 1,075,986 shares of the company’s stock valued at $11,782,000 after buying an additional 66,996 shares in the last quarter. Penn Capital Management Co. Inc. raised its position in Ring Energy by 1,127.6% in the third quarter. Penn Capital Management Co. Inc. now owns 402,060 shares of the company’s stock valued at $4,403,000 after buying an additional 369,308 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Ring Energy during the third quarter valued at approximately $266,000. Formula Growth Ltd. raised its position in Ring Energy by 12.5% in the third quarter. Formula Growth Ltd. now owns 643,602 shares of the company’s stock valued at $7,047,000 after buying an additional 71,360 shares in the last quarter. Finally, UBS Oconnor LLC raised its position in Ring Energy by 40.2% in the third quarter. UBS Oconnor LLC now owns 78,539 shares of the company’s stock valued at $860,000 after buying an additional 22,510 shares in the last quarter.

Shares of Ring Energy (NYSE:REI) opened at 13.36 on Friday. The stock’s market cap is $560.01 million. The firm’s 50-day moving average price is $11.07 and its 200 day moving average price is $9.58. Ring Energy has a 1-year low of $4.00 and a 1-year high of $13.45.

Ring Energy (NYSE:REI) last released its quarterly earnings results on Tuesday, November 8th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.02. The firm had revenue of $7.82 million for the quarter, compared to analysts’ expectations of $7.99 million. On average, equities analysts expect that Ring Energy will post $0.02 earnings per share for the current fiscal year.

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