Ring Energy (REI) Receives a Buy from Northland Securities


In a report released today, Jeff Grampp from Northland Securities reiterated a Buy rating on Ring Energy (REI), with a price target of $9. The company’s shares closed yesterday at $4.48, close to its 52-week low of $4.01.

Grampp said:

“We do not believe shares reflect the value associated with its high-quality Wishbone acquisition and reiterate our Outperform rating and $9 PT. 1Q19: REI reported 1Q19 Adjusted EBITDA of $24.2MM, above consensus of $15.1MM and our estimate of $16.0MM as the company began accounting for Wishbone production as of 2/1/19 versus our expectations to begin recording production at closing of 4/9/19. Accordingly, production of 9,763 BOEPD (93% oil) was above its pre- reported 6,324 BOEPD. Although it is encouraging that unit LOE of $10.71/BOE was lower than our estimate of $13.00/BOE as it began accounting for lower cost Wishbone production.”

According to TipRanks.com, Grampp has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.3% and a 37.5% success rate. Grampp covers the Basic Materials sector, focusing on stocks such as Sundance Energy Australia, Penn Virginia Corporation, and SilverBow Resources Inc.

Currently, the analyst consensus on Ring Energy is a Moderate Buy with an average price target of $9.

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The company has a one-year high of $17 and a one-year low of $4.01. Currently, Ring Energy has an average volume of 566.2K.

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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.

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