Rodman & Renshaw Initiates Coverage on Ring Energy Inc to Buy

Rodman & Renshaw Initiates Coverage on Ring Energy Inc(NYSEMKT:REI). The shares have been rated Buy. The rating by Rodman & Renshaw was issued on Aug 29, 2016.

Ring Energy Inc (REI) made into the market gainers list on Thursdays trading session with the shares advancing 1.21% or 0.12 points. Due to strong positive momentum, the stock ended at $10.04, which is also near the day’s high of $10.1. The stock began the session at $9.83 and the volume stood at 1,53,698 shares. The 52-week high of the shares is $11.53 and the 52 week low is $4. The company has a current market capitalization of $421 M and it has 4,19,17,061 shares in outstanding.

Ring Energy Inc(REI) last announced its earnings results on May 9, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $6.09M. Analysts had an estimated revenue of $5.84M. Earnings per share were $-0.06. Analysts had estimated an EPS of $-0.09.

Several Insider Transactions has been reported to the SEC. On Oct 16, 2015, David A. Fowler (President) sold 13,000 shares at $10.26 per share price.Also, On Mar 26, 2015, Kelly W. Hoffman (CEO) sold 20,000 shares at $10.14 per share price.

Ring Energy Inc. (Ring) is an exploration and production company. The Company is engaged in oil and natural gas acquisition exploration development and production activities. As of December 31 2014 the Company’s exploration and production interests were focused in Texas and Kansas. The Company’s primary drilling operations target the Central Basin Platform in Andrews County and Gaines County Texas. As of December 31 2014 Ring had 29738 gross (17270 net) acres in the counties of Texas. As of December 31 2014 Ring owned interests in a total of 5835 gross (5129 net) developed acres and 23903 gross (12141 net) undeveloped acres in Texas. As of December 31 2014 the Company also had 18277 gross (17017 net) acres in Kansas located is located in Gray Finney and Haskell counties. As of December 31 2014 Ring’s proved reserves were 10.4 million barrels of oil equivalent (BOE) with 98% consisting of oil and 2% consisting of natural gas.

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