Ring Energy: 3Q Earnings Snapshot
MIDLAND, Texas (AP) _ Ring Energy Inc. (REI) on Tuesday reported third-quarter profit of $5.7 million.
The Midland, Texas-based company said it had net income of 9 cents per share. Earnings, adjusted for non-recurring costs, came to 14 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The independent oil and gas company posted revenue of $32.7 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $30.8 million.
Ring Energy shares have fallen 47 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $7.40, a drop of 46 percent in the last 12 months.