# Ring Energy, Inc. (REI)

> Source: Nexqual · https://nexqual.com/REI · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Ring Energy, Inc. (REI), nexqual.com/REI" · informational, not investment advice.

**Price:** USD 1.41 (+2.17% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 1.38 · day 1.39–1.45 · 52w 0.83–2 · market cap $367M · ASE

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $324M, net income -$220M (-68.0% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold REI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $338K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.33 on a 1–5 scale) (3 analysts), mean target USD 2.08 (range 2–2.25).
- Total return with dividends: 1Y +43.9% vs S&P 500 +13.6%; 5Y -62.5% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD 0.08, revenue estimate $84.5M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $196M | $347M | $361M | $366M | $307M | $324M |
| Gross profit | $192M | $345M | $361M | — | — | — |
| Operating income | $95.8M | $192M | $146M | $133M | -$34.3M | -$172M |
| Net income | $3.3M | $139M | $105M | $67.5M | -$34.7M | -$220M |
| EPS (diluted) | $0.03 | $0.98 | $0.54 | $0.34 | -$0.17 | — |
| Gross margin | 97.8% | 99.5% | 99.9% | — | — | — |
| Operating margin | 48.8% | 55.2% | 40.4% | 36.3% | -11.2% | -53.0% |
| Net margin | 1.7% | 39.9% | 29.0% | 18.4% | -11.3% | -68.0% |
| Revenue growth | +73.7% | +76.9% | +4.0% | +1.5% | -16.1% | — |
| Cash + short-term investments | $2.4M | $3.7M | $296K | $1.9M | $903K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.1x · P/B 0.5x · Earnings yield -59.96%
P/E at fiscal year-ends: Dec 2024 4.0x, Dec 2023 2.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold REI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Van Den Berg Management I |  | 0.01% | $70K | Added +21.1% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $338K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-15 | McKinney Paul D. | CEO and Chairman of the Board | 50,000 | $60K | 1.19 | Too little history (no open-market trades in 2024) |
| 2026-06-15 | Johl Sundip Singh | EVP, Chief Financial Officer | 231,000 | $279K | 1.21 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 3 analysts; mean target USD 2.08 (low 2, high 2.25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-02 | Mizuho | Initiated | Neutral | $2 |
| 2026-07-15 | B of A Securities | Initiated | Buy | $2 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +43.9% | -62.5% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +44.1% | -17.8% |
| Volatility (annualized) | 64.7% | 58.0% |
| Max drawdown | -47.5% (May 2026→Jun 2026) | -85.3% (May 2022→Jul 2025) |

## Peers (Oil & Gas E&P)
BSM (Black Stone Minerals, L.P.) USD 14.86 +0.41% · BTE (Baytex Energy Corp) USD 5.46 +0.74% · CRK (Comstock Resources, Inc.) USD 14.87 -0.20% · CRC (California Resources Corporatio) USD 54.72 +1.13% · CRGY (Crescent Energy Company) USD 13.75 +0.44% · CNX (CNX Resources Corporation) USD 38.05 -1.37%

## More
Full page: https://nexqual.com/REI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Customer concentration

Period ended 2026-06-30: 72%, 13%, 11% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Company outlook (8-K filed 2026-08-06)

- "Since providing its original 2026 development outlook, Ring has continued to refine its development plan towards horizontal drilling and allocate capital toward its highest-return opportunities."
- "Under the revised plan, wells exceeding 1.5 miles in length are expected to represent approximately 70% of planned 2026 drilling activity, compared to approximately 42% contemplated in the original plan."
- "Based on the spending guidance, the Company expects the following estimated allocation of capital: • Approximately 57% for new drilling, completions, and related facilities; • 23% for capital workovers, recompletions, and stimulation activities; • 14% for infrastructure projects; and • 6% for land, non-operated capital, compliance and other."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.07 | $0.05 | +50.0% | $84.5M | 2 |
| Next quarter (ends 2026-12-31) | $0.07 | $0.07 | +0.0% | $88.5M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.28 | $0.18 | +55.6% | $356.9M | 2 |
| Next fiscal year (ends 2027-12-31) | $0.24 | $0.29 | -16.1% | $352.7M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-05): ±17.7%; last 8 reports averaged ±5.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 50 | 54.5% | ±17.7% |
| 2027-01-15 | 78 | 64.2% | ±24.8% |
| 2027-03-19 | 141 | 59.1% | ±30.1% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 6, 2026 | Quarter ended Jun 30, 2026 | $0.10 | $0.04 | Beat +$0.06 | +5.7% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | $0.04 | $0.02 | Beat +$0.02 | -10.6% |
| Mar 5, 2026 | Quarter ended Dec 31, 2025 | $0.02 | $0.02 | In line | +2.7% |
| Nov 7, 2025 | Quarter ended Sep 30, 2025 | $0.06 | $0.04 | Beat +$0.02 | +4.2% |
| Aug 7, 2025 | — | — | — | — | +8.1% |
| May 9, 2025 | — | — | — | — | +6.1% |
| Mar 7, 2025 | — | — | — | — | -1.8% |
| Nov 7, 2024 | — | — | — | — | -3.7% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-27 | Schedule 13G | BlackRock, Inc.: 5.8% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1384195/000201238326003839/0002012383-26-003839-index.htm |
| 2026-10-15 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/1384195/000162828026066017/0001628280-26-066017-index.htm |
| 2026-08-14 | Schedule 13G | PEAK6 Capital Management LLC, PEAK6 Partners LLC: 6.6% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1384195/000138995626000012/0001389956-26-000012-index.htm |
| 2026-08-13 | Schedule 13G | PEAK6 LLC, PEAK6 Capital Management LLC: 6.6% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1384195/000138995826000015/0001389958-26-000015-index.htm |
| 2026-08-06 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1384195/000138419526000083/0001384195-26-000083-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1384195/000138419526000080/0001384195-26-000080-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.