In a report released today, Jeff Grampp from Northland Securities maintained a Buy rating on Ring Energy (REI), with a price target of $9. The company’s shares closed yesterday at $5.15, close to its 52-week low of $4.01.
Grampp noted:
“We view inventory depth as adequate with nearly nine years of high-return inventory and an additional 20 years of higher risk or lower return drilling. Overall, we view the update as neutral and reiterate OP and $9 PT.”
According to TipRanks.com, Grampp is ranked 0 out of 5 stars with an average return of -6.0% and a 40.0% success rate. Grampp covers the Basic Materials sector, focusing on stocks such as Sundance Energy Australia, Penn Virginia Corporation, and SilverBow Resources Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Ring Energy with a $9 average price target.
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Ring Energy’s market cap is currently $325.6M and has a P/E ratio of 33.55. The company has a Price to Book ratio of 0.70.
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Ring Energy, Inc. is an oil and gas exploration company which engages in oil and natural gas acquisition, exploration, development and production activities. The firm’s areas of operation situated in the Permian Basin; the Central Basin Platform and the Delaware Basin.
