The stock of Ring Energy Inc (NYSEMKT:REI) hit a new 52-week high and has $14.05 target or 7.00% above today’s $13.13 share price. The 8 months bullish chart indicates low risk for the $606.26M company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $14.05 price target is reached, the company will be worth $42.44 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 2.58% or $0.33 on December 1, hitting $13.13. About 316,774 shares traded hands or 40.14% up from the average. Ring Energy Inc (NYSEMKT:REI) has risen 70.89% since April 28, 2016 and is uptrending. It has outperformed by 64.97% the S&P500.
Analysts await Ring Energy Inc (NYSEMKT:REI) to report earnings on March, 21. They expect $0.01 EPS, up 120.00% or $0.06 from last year’s $-0.05 per share. REI’s profit will be $461,736 for 328.25 P/E if the $0.01 EPS becomes a reality. After $0.01 actual EPS reported by Ring Energy Inc for the previous quarter, Wall Street now forecasts 0.00% EPS growth.
Ring Energy Inc (NYSEMKT:REI) Ratings Coverage
Out of 7 analysts covering Ring Energy Inc (NYSEMKT:REI), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. Ring Energy Inc has been the topic of 9 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The company was maintained on Thursday, May 12 by Wunderlich. The stock has “Buy” rating given by Canaccord Genuity on Tuesday, October 20. The firm has “Buy” rating by Wunderlich given on Wednesday, November 11. The firm has “Outperform” rating given on Tuesday, July 28 by Northland Capital. The firm has “Buy” rating by Rodman & Renshaw given on Monday, August 29. The firm has “Mkt Perform” rating by FBR Capital given on Wednesday, January 6.
According to Zacks Investment Research, “Ring Energy, Inc. is engaged in the exploration and development of oil and gas. The company operates primarily in Texas and Kansas. Ring Energy, Inc. is based in TULSA, United States.”
More news for Ring Energy Inc (NYSEMKT:REI) were recently published by: Businesswire.com, which released: “Ring Energy, Inc. Releases Update on Three Well Horizontal Drilling Program” on December 01, 2016. Businesswire.com‘s article titled: “Ring Energy, Inc. Releases Third Quarter 2016 Operations Update” and published on November 01, 2016 is yet another important article.
REI Company Profile
Ring Energy, Inc. (Ring), incorporated on July 30, 2004, is an exploration and production firm that is engaged in oil and natural gas acquisition, exploration, development and production activities. The Company’s exploration and production interests are focused on Texas and Kansas. The Company’s activities are all gas and oil exploration and production related activities in the United States. The Company’s primary drilling activities target the Central Basin Platform in Andrews County and Gaines County, Texas, and the Delaware Basin in Reeves County and Culberson County, Texas. Ring has approximately 30,660 gross (18,130 net) acres in Andrews and Gaines counties and over 19,980 gross (19,680 net) acres in Reeves and Culberson counties. The Firm also has approximately 17,630 gross (16,670 net) acres in Kansas. Ring’s proved reserves are approximately 24.4 million barrels of oil equivalent (BOE). The Company’s proved reserves are oil-weighted with over 90% of proved reserves consisting of oil and over 9% consisting of natural gas. Of those reserves, approximately 30% of the proved reserves are classified as proved developed producing (PDP), approximately 2% are classified as proved developed non-producing (PDNP), and approximately 70% are classified as proved undeveloped (PUD).
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