Ring Energy, Inc.
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Range $2.25 – $2.25
Price Chart
About the company
Ring Energy, Inc. operates as an oil and natural gas exploration and production firm, concentrating its efforts on the acquisition, development, and extraction of these resources across Texas and New Mexico. By the close of 2021, specifically December 31st, the company had established proved reserves totaling roughly 77.
- CEO
- Paul D. McKinney
- IPO
- 2007
- Employees
- 111
- HQ
- The Woodlands, TX, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $389.51M
- P/E
- -1.36
- Fwd P/E
- 6.23
- PEG
- 0.01
- P/S
- 1.20
- P/B
- 0.46
- EV/EBITDA
- -5.43
- Div Yield
- 0.00%
- Gross Margin
- 61.26%
- Op Margin
- 8.11%
- Net Margin
- -68.02%
- ROE
- -28.80%
- ROIC
- 2.23%
Latest fiscal year · YoY change
- Revenue
- $307.18M-16.1%
- Gross Profit
- $186.47M+13.8%
- Op Income
- $74.49M
- Net Income
- $-34,731,199-151.5%
- EPS
- $-0.17-150.0%
- OCF Growth
- -22.4%
- FCF Growth
- +39.0%
- 52W High
- $2.00
- 52W Low
- $0.83
- 50D MA
- $1.22
- 200D MA
- $1.23
- Beta
- 0.82
- RSI (14)
- 72
- Avg Volume
- 4.83M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Ring Energy reported solid Q2 2026 results, strengthened its balance sheet with a $65 million equity raise, and lifted 2026/2027 guidance as it invests in longer-lateral development and co-development.· August 6, 2026
- Q2 production averaged 19,990 BOE/day, up 3% sequentially, with oil volumes at 12,683 BOPD.
- Revenue was about $104.7 million and realized pricing improved sharply: realized price rose 36% to $57.55/BOE and realized oil pricing rose 38%.
- Operating costs improved sequentially, with LOE at $10.12/BOE, all-in cash costs at $21.59/BOE, and cash G&A at $3.19/BOE.
- The company raised about $65 million of net proceeds from an equity offering, used it to reduce revolver borrowings, and ended with about $226 million of liquidity and about $360 million of borrowings.
- Management raised second-half 2026 guidance and introduced 2027 guidance centered on longer laterals, infrastructure spend, and improved capital efficiency; 2027 growth is expected with lower per-unit operating costs and reduced capital intensity.
Second-quarter total BOE sales averaged 19,990 BOE/day, up from 19,351 BOE/day in Q1, a 3% sequential increase; oil sales averaged 12,683 BOPD. Revenue was approximately $104.7 million, supported by average realized oil prices of approximately $95.45 per barrel. Overall realized price increased 36% to $57.55 per BOE, realized oil pricing increased 38%, LOE was $18.4 million versus $18.1 million in Q1, LOE per BOE improved 3% to $10.12, all-in cash costs declined 1% to $21.59 per BOE, and cash G&A improved 6% to $3.19 per BOE. The company completed an underwritten public equity offering that generated approximately $65 million of net proceeds, which were used to reduce revolver borrowings; liquidity rose to approximately $226 million, borrowings fell to approximately $360 million, and leverage improved to approximately 1.7x on a last-quarter annualized basis. Guidance: for the second half of 2026, oil sales are expected to be 13,000 to 13,950 BOPD, LOE is expected at $10.00 to $10.60 per BOE, and capital spending is expected to be $80 million to $100 million, bringing full-year 2026 capex to $158 million to $178 million. For 2027, oil sales are guided to 13,550 to 14,650 BOPD, BOE sales to 21,500 to 23,500 BOE/day, LOE to $9.80 to $10.60 per BOE, and capex to $135 million to $165 million. Management said the 2027 program was stress-tested even at $60 oil and still marginally generates free cash flow.
Paul McKinney framed the quarter around a multi-year transition from proving resources to optimizing development, emphasizing longer laterals, co-development of stacked pay, and ongoing land leasing to expand inventory. He repeatedly stressed disciplined capital allocation, balance sheet improvement, and using the higher-price environment to accelerate infrastructure and development investments while still targeting debt reduction. His tone was constructive and confident, with an especially bullish view that global oil fundamentals remain tighter than the forward strip implies.
Sundip Johl focused on the financial upside from stronger prices, better operating costs, and the equity raise. He highlighted 3% sequential BOE growth, $104.7 million of revenue, LOE of $10.12 per BOE, all-in cash costs of $21.59 per BOE, and cash G&A of $3.19 per BOE, then noted the company used the approximately $65 million of equity proceeds entirely to pay down revolver debt. He said liquidity increased to about $226 million, borrowings fell to about $360 million, leverage improved to about 1.7x, and the company remains compliant with covenants and targeting leverage below 1.25x. He also said the ongoing infrastructure program could reduce future drilling and completion costs by at least $7.5 million, assuming $50 to $100 per lateral foot of savings.
Analysts focused on three areas: organic growth potential, the 2027 oil-price deck, and whether the equity raise would reduce hedging constraints. Management said the asset base still has significant room to grow, with land and geoscience teams identifying new drilling and leasing opportunities and inventory now said to exceed 10 years, with the potential to expand further by year-end. On pricing, Paul said the company has been stress-tested down to $60 oil in 2027 and still sees the program working, while Sundip added they are running $75 near term for the next quarter. On hedging, management said the credit facility currently requires 50% hedging under certain leverage/draw conditions, but as leverage trends below 1.25x, the longer-term hedge burden should fall; they expect the company could qualify for the lighter hedging requirements as early as Q1 next year, depending on prices.
The bull case from this call is that Ring is pairing balance-sheet repair with a more scalable development model. Management believes longer laterals, co-development, and new infrastructure can materially lower future drilling and completion costs, improve well returns, and support production growth in 2027 and beyond. They also said a meaningful share of 2027 production will be exposed to higher oil prices if leverage improves, which could lift free cash flow.
The main risks discussed were commodity-price volatility, heavy hedging, and the need for continued capital spending before the efficiency benefits fully show up. Management acknowledged that hedges limited upside in Q2 and that the company is still constrained by credit-facility hedge requirements until leverage comes down further. They also noted that gas realizations remain pressured by Permian takeaway and processing constraints, even though they expect gradual improvement later this year.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 90.5%
- Shares Outstanding
- 260.54M
- Float Shares
- 235.69M
of shares held by institutions
112 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 11.25M | ▲ 635.26K |
| Two Sigma Advisers, LP | 875.20K | ▼ 241.10K |
| Cubist Systematic Strategies, LLC | 95.41K | ▲ 89.68K |
| Point72 Asia (Singapore) Pte. Ltd. | 62.73K | ▼ 62.72K |
| Dgs Capital Management, LLC | 17.06K | ▼ 14.13K |
| Point72 Europe (London) Llp | 1.00K | ▲ 1.00K |
| Cwm, LLC | 15 | ▲ 15 |
Held by 88 ETFs
Biggest fund positions in REI by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 15, 26 | McKinney Paul D. | buy | 50,000 |
| Jun 15, 26 | Johl Sundip Singh | buy | 231,000 |
| Mar 5, 26 | Johl Sundip Singh | other | 317,460 |
| Feb 27, 26 | Johl Sundip Singh | other | 0 |
| Feb 17, 26 | McKinney Paul D. | other | 559,118 |
| Feb 17, 26 | McKinney Paul D. | other | 220,014 |
| Feb 17, 26 | McKinney Paul D. | other | 952,381 |
| Feb 12, 26 | McKinney Paul D. | other | 90,360 |
| Feb 13, 26 | McKinney Paul D. | other | 54,358 |
| Feb 16, 26 | McKinney Paul D. | other | 54,358 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our REI coverage
Recent articles, reports, and earnings notes.
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