Ring Energy with ticker code (REI) have now 3 analysts in total covering the stock. The consensus rating is ‘Buy’. The target price ranges between 8 and 3 with the average target price sitting at 5.5. Given that the stocks previous close was at 2.81 this is indicating there is a potential upside of 95.7%. The 50 day moving average now sits at 2.85 and the 200 moving average now moves to 3.32. The company has a market capitalisation of $488m. Visit the company website at: https://www.ringenergy.com
The potential market cap would be $956m based on the market concensus.
Ring Energy, an exploration and production company, engages in the acquisition, exploration, development, and production of oil and natural gas in Texas and New Mexico. As of December 31, 2021, the company’s proved reserves consisted of approximately 77.8 million barrel of oil equivalent. It also had interests in 18,882 net developed acres and 1,406 net undeveloped acres in Andrews and Gaines counties, Texas; 18,437 net developed acres in Culberson and Reeves counties, Texas; and 13,662 net developed acres and 11,993 net undeveloped acres in Yoakum, Runnels, and Coke Counties, Texas and Lea County, New Mexico. Ring Energy primarily sells its oil and natural gas production to end users, marketers, and other purchasers. The company was formerly known as Transglobal Mining Corp. and changed its name to Ring Energy in March 2008. Ring Energy was incorporated in 2004 and is headquartered in The Woodlands, Texas.
