Imperial Capital Starts Ring Energy, Inc. (REI) at Outperform
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Imperial Capital initiates coverage on Ring Energy, Inc. (NYSE: REI) with a Outperform rating and a price target of $13.50, suggesting 31% upside.
Analyst Kim Pacanovsky commented, "We believe REI is at an important crossroads in its corporate history, as it is just commencing a transition from a vertical Central Basin Platform San Andres program to horizontal San Andres development, along with an upcoming Delaware Basin horizontal program in the Permian sands. As the company stands today, however, we believe it is undervalued on a risked NAV basis. The company has no debt and $8.3mn in cash. Based upon our relatively conservative assumptions used to model 2017 production, we believe that the company has adequate liquidity in 2017."
Shares of Ring Energy, Inc. closed at $10.32 yesterday.
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