Insider Buying: Ring Energy, Inc. (NYSEAMERICAN:REI) Director Acquires 50,000 Shares of Stock

Ring Energy, Inc. (NYSEAMERICAN:REI) Director John A. Crum acquired 50,000 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was bought at an average cost of $1.15 per share, with a total value of $57,500.00. Following the acquisition, the director now owns 564,125 shares in the company, valued at $648,743.75. The trade was a 9.73 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Ring Energy Stock Down 12.2 %

Shares of REI stock opened at $0.94 on Friday. The firm has a market capitalization of $186.19 million, a P/E ratio of 1.65 and a beta of 1.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.54 and a quick ratio of 0.49. Ring Energy, Inc. has a 12-month low of $0.90 and a 12-month high of $2.20. The stock’s 50 day moving average is $1.27.

Wall Street Analyst Weigh In

REI has been the topic of several analyst reports. Alliance Global Partners reaffirmed a “buy” rating on shares of Ring Energy in a research report on Friday, March 7th. Industrial Alliance Securities set a $2.50 target price on shares of Ring Energy in a report on Friday, March 7th.

Hedge Funds Weigh In On Ring Energy

Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its position in shares of Ring Energy by 4,564.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,086,251 shares of the company’s stock worth $4,938,000 after buying an additional 3,020,092 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Ring Energy during the 4th quarter valued at approximately $1,378,000. Segall Bryant & Hamill LLC acquired a new position in Ring Energy during the 4th quarter worth approximately $1,167,000. Millennium Management LLC increased its holdings in shares of Ring Energy by 358.0% during the fourth quarter. Millennium Management LLC now owns 1,082,632 shares of the company’s stock worth $1,472,000 after buying an additional 846,241 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Ring Energy by 34.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,970,929 shares of the company’s stock worth $4,754,000 after purchasing an additional 763,907 shares in the last quarter. Institutional investors own 77.14% of the company’s stock.

About Ring Energy

Ring Energy, Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil and natural gas properties. The company has interests in 56,711 net developed acres and 2,668 net undeveloped acres in Andrews, Gaines, Crane, Ector, Winkler, and Ward counties, Texas; and 8,751 net developed acres and 12,405 net undeveloped acres in Yoakum County, Texas and Lea County, New Mexico.