Notable Price Action: Does Ring Energy Inc Have More Gas After Achieving 52-Week High?

Notable Price Action: Does Ring Energy Inc Have More Gas After Achieving 52 Week High?

The stock of Ring Energy Inc (NYSEMKT:REI) hit a new 52-week high and has $18.72 target or 48.00% above today’s $12.65 share price. The 8 months bullish chart indicates low risk for the $545.79M company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $18.72 price target is reached, the company will be worth $261.98M 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. About 105,584 shares traded hands. Ring Energy Inc (NYSEMKT:REI) has risen 97.91% since April 19, 2016 and is uptrending. It has outperformed by 94.05% the S&P500.

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 rating was initiated by Rodman & Renshaw with “Buy” on Monday, August 29. The rating was maintained by Wunderlich with “Buy” on Wednesday, November 11. The company was downgraded on Wednesday, January 6 by FBR Capital. The stock of Ring Energy Inc (NYSEMKT:REI) earned “Buy” rating by Wunderlich on Thursday, May 12. Northland Capital maintained the stock with “Outperform” rating in Tuesday, July 28 report. Canaccord Genuity initiated the shares of REI in a report on Tuesday, October 20 with “Buy” rating.

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. Schedules Conference Call on Its 2016 Third Quarter and Nine …” on November 01, 2016. Seekingalpha.com‘s article titled: “Ring Energy, Inc. (REI) CEO Kelly Hoffman on Q1 2016 Results – Earnings Call …” and published on May 10, 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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