Imperial Capital Starts Ring Energy, Inc. (REI) at Outperform

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."

For an analyst ratings summary and ratings history on Ring Energy, Inc. click here. For more ratings news on Ring Energy, Inc. click here.

Shares of Ring Energy, Inc. closed at $10.32 yesterday.

You May Also Be Interested In

• BofA Securities Starts GE Vernova (GEV) at Neutral, 'Multiyear turnaround amid positive demand backdrop'
• Equity Residential (EQR) PT Raised to $70 at Evercore ISI
• Lockheed Martin (LMT) PT Raised to $487 at Deutsche Bank