Ring Energy found using ticker (REI) now have 2 analysts covering the stock with the consensus suggesting a rating of ‘Hold’. The target price ranges between 4.6 and 4 with a mean TP of 4.3. Given that the stocks previous close was at 3.76 this now indicates there is a potential upside of 14.4%. The 50 day moving average now sits at 2.67 and the 200 day moving average is 2.52. The market capitalisation for the company is $388m. Company Website: http://www.ringenergy.com
Ring Energy, an exploration and production company, engages in the acquisition, exploration, development, and production of oil and natural gas in Texas and New Mexico. As of December 31, 2020, the company’s proved reserves consisted of approximately 76.5 million barrel of oil equivalent. It also had interests in 18,712 net developed acres and 6,650 net undeveloped acres in Andrews and Gaines counties, Texas; 18,256 net developed acres and 212 net undeveloped acres in Culberson and Reeves counties, Texas; and 8,085 net developed acres and 24,830 net undeveloped acres in Yoakum, Runnels, and Coke Counties, Texas and Lea County, New Mexico. Ring Energy primarily sells its oil and natural gas production to end users, marketers, and other purchasers. The company was formerly known as Transglobal Mining Corp. and changed its name to Ring Energy in March 2008. Ring Energy was incorporated in 2004 and is headquartered in Midland, Texas.
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