Cannell Capital buys $15,834,564 stake in Ring Energy Inc (REI)

Ring Energy Inc (REI) : Cannell Capital scooped up 632,855 additional shares in Ring Energy Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 1,673,844 shares of Ring Energy Inc which is valued at $15,834,564.Ring Energy Inc makes up approximately 6.05% of Cannell Capital’s portfolio.

Other Hedge Funds, Including , Citadel Advisors sold out all of its stake in REI during the most recent quarter. The investment firm sold 15,083 shares of REI which is valued $142,685. Hodges Capital Management added REI to its portfolio by purchasing 333,985 company shares during the most recent quarter which is valued at $3,159,498. Ring Energy Inc makes up approx 0.15% of Hodges Capital Management’s portfolio.California State Teachers Retirement System boosted its stake in REI in the latest quarter, The investment management firm added 23,432 additional shares and now holds a total of 74,981 shares of Ring Energy Inc which is valued at $613,345. Simplex Trading added REI to its portfolio by purchasing 226 company shares during the most recent quarter which is valued at $1,833.

Ring Energy Inc opened for trading at $10.33 and hit $10.45 on the upside on Monday, eventually ending the session at $10.27, with a gain of 1.08% or 0.11 points. The heightened volatility saw the trading volume jump to 1,58,219 shares. Company has a market cap of $430 M.

Many Wall Street Analysts have commented on Ring Energy Inc. Rodman & Renshaw Initiated Ring Energy Inc on Aug 29, 2016 to “Buy”, Price Target of the shares are set at $15.

Ring Energy Inc. (Ring) is an exploration and production company. The Company is engaged in oil and natural gas acquisition exploration development and production activities. As of December 31 2014 the Company’s exploration and production interests were focused in Texas and Kansas. The Company’s primary drilling operations target the Central Basin Platform in Andrews County and Gaines County Texas. As of December 31 2014 Ring had 29738 gross (17270 net) acres in the counties of Texas. As of December 31 2014 Ring owned interests in a total of 5835 gross (5129 net) developed acres and 23903 gross (12141 net) undeveloped acres in Texas. As of December 31 2014 the Company also had 18277 gross (17017 net) acres in Kansas located is located in Gray Finney and Haskell counties. As of December 31 2014 Ring’s proved reserves were 10.4 million barrels of oil equivalent (BOE) with 98% consisting of oil and 2% consisting of natural gas.

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