Ring Energy Inc Down 2.56% To $1.72 After Earnings Beat

Friday, November 3, 2023 - Ring Energy Inc (REI) reported upside earnings and revenues today.

Ring Energy Inc's earnings came in at an EPS of $0.13 per share, 8.00% higher than estimates for an EPS of $0.12 per share. The firm's earnings are down 54% since reporting $0.28 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Revenues were upbeat at $93.7 million. That represents a 0.77% decrease in revenues from the year-ago report and is 7.40% higher than consensus estimates set at $87.2 million.

The stock is down 2.56% to $1.72 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Ring Energy Inc has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 21, putting Ring Energy Inc in the bottom 25% of stocks. The firm set a 52-week low on March 16, 2023 at $1.63 and set a 52-week high on November 7, 2022 at $3.47.

Ring Energy Inc is an oil and gas exploration and production company based in Midland, Texas. Its activities include the acquisition, exploration, development, and production of oil and natural gas fields. These operations are focused in the Permian, Central, and Delaware Basins in Texas and Kansas, but a vast majority of production comes from Texas. The company's production is mostly done through the vertical drilling of wells.