Ring Energy (REI) Expected to Announce Quarterly Sales of $11.7 Million

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.

TRADEMARK VIOLATION WARNING: This piece was published by sleekmoney and is the sole property of of sleekmoney. If you are reading this piece on another publication, it was illegally copied and republished in violation of United States and international trademark & copyright laws. The legal version of this piece can be accessed at http://sleekmoney.com/ring-energy-rei-expected-to-announce-quarterly-sales-of-11-7-million/1737744.html.

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.

5 Day Chart for NYSE:REI

Get a free copy of the Zacks research report on Ring Energy (REI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

This story was originally published by sleekmoney (http://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at http://sleekmoney.com/ring-energy-rei-expected-to-announce-quarterly-sales-of-11-7-million/1737744.html

Receive News & Ratings for Ring Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ring Energy and related companies with MarketBeat.com's FREE daily email newsletter.

 

Leave a Reply

Your email address will not be published. Required fields are marked *