Canaccord Genuity Believes REI Still Has Room to GrowBy Austin Angelo
In a report released yesterday, Sam Burwell from Canaccord Genuity reiterated a Buy rating on Ring Energy (NYSE: REI), with a price target of $14. The company’s shares closed last Friday at $11.66, close to its 52-week high of $12.17.
According to TipRanks.com, Burwell is a top 25 analyst with an average return of 31.5% and a 86.5% success rate. Burwell covers the Basic Materials sector, focusing on stocks such as Whiting Petroleum Corp., Matador Resources, and Concho Resources.
Currently, the analyst consensus on Ring Energy is Strong Buy and the average price target is $14, representing a 20.1% upside.
In a report issued on November 9, Roth Capital also reiterated a Buy rating on the stock with a $14 price target.
Based on Ring Energy’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $7.82 million and GAAP net loss of $5.94 million. In comparison, last year the company earned revenue of $8.63 million and had a GAAP net loss of $1.14 million.
Ring Energy, Inc. is an independent oil and gas exploration company, which focuses in the development and acquisition of oil and natural gas properties in the Permian and Mid-Continent regions of the United States. The company was founded by Lloyd T. Rochford, and Stanley M. McCabe on July 30, 2004 and is headquartered in Midland, TX.