Ring Energy (REI) Receives a Buy from Northland Securities


Northland Securities analyst Jeff Grampp reiterated a Buy rating on Ring Energy (REI) today and set a price target of $9. The company’s shares closed yesterday at $5.45, close to its 52-week low of $4.01.

Grampp said:

“We reiterate our Outperform rating and $9 PT. Production: REI announced 1Q19 production and pricing that imply higher 1Q19 revenue. Production averaged 6,324 BOEPD, below our street-low estimate of 6,593 BOEPD and consensus of 7,245 BOEPD, largely due to few well completions in the quarter. Realized prices of $47.40/BOE were higher than our estimate of $41.88/BOE due to narrower oil differentials. The update implies 1Q19 revenue of ~$27MM, above our estimate of ~$25MM but below consensus of ~$29MM. Additionally, March 2019 production of 6,381 BOEPD is lower than December 2018 production of 6,908 BOEPD but higher than January 2019 production of ~6,100 BOEPD.”

According to TipRanks.com, Grampp has 0 stars on 0-5 star ranking scale with an average return of -4.5% and a 43.0% success rate. Grampp covers the Basic Materials sector, focusing on stocks such as Sundance Energy Australia, Penn Virginia Corporation, and SilverBow Resources Inc.

Ring Energy has an analyst consensus of Moderate Buy, with a price target consensus of $10.50.

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The company has a one-year high of $17.35 and a one-year low of $4.01. Currently, Ring Energy has an average volume of 541K.

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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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