Equities research analysts predict that Ring Energy (NYSE:REI) will post $11.7 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Ring Energy’s earnings, with estimates ranging from $11.2 million to $12 million. Ring Energy reported sales of $6.09 million during the same quarter last year, which indicates a positive year over year growth rate of 92.1%. The company is expected to announce its next earnings report on Monday, May 8th.
According to Zacks, analysts expect that Ring Energy will report full year sales of $11.7 million for the current year, with estimates ranging from $66 million to $80.8 million. For the next fiscal year, analysts forecast that the firm will report sales of $141.74 million per share, with estimates ranging from $112.7 million to $175 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Ring Energy.
Ring Energy (NYSE:REI) last announced its earnings results on Wednesday, March 15th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.03.
Several research analysts recently commented on the company. Zacks Investment Research cut Ring Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, March 1st. Canaccord Genuity reaffirmed a “buy” rating and issued a $18.00 target price on shares of Ring Energy in a research report on Thursday, January 12th. Roth Capital set a $19.00 target price on Ring Energy and gave the stock a “buy” rating in a research report on Thursday, March 16th. Finally, Stephens assumed coverage on Ring Energy in a research report on Friday, December 16th. They issued an “overweight” rating for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $15.64.
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Shares of Ring Energy (NYSE:REI) traded down 3.29% during trading on Friday, reaching $12.04. 234,891 shares of the company were exchanged. The stock has a 50-day moving average of $11.08 and a 200 day moving average of $11.80. The stock’s market capitalization is $591.36 million. Ring Energy has a 52-week low of $5.42 and a 52-week high of $14.10.
Hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its position in shares of Ring Energy by 11.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 8,090 shares of the company’s stock valued at $105,000 after buying an additional 835 shares during the period. Baird Financial Group Inc. purchased a new position in shares of Ring Energy during the fourth quarter valued at approximately $130,000. Wells Fargo & Company MN boosted its position in shares of Ring Energy by 25.0% in the third quarter. Wells Fargo & Company MN now owns 13,073 shares of the company’s stock valued at $143,000 after buying an additional 2,613 shares during the period. Greenwood Capital Associates LLC boosted its position in shares of Ring Energy by 1.6% in the fourth quarter. Greenwood Capital Associates LLC now owns 13,046 shares of the company’s stock valued at $169,000 after buying an additional 210 shares during the period. Finally, Ellington Management Group LLC bought a new position in shares of Ring Energy during the fourth quarter worth about $244,000.
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