Ring Energy (REI) Meets Q2 Earnings Estimates

Financial Performance - Ring Energy reported quarterly earnings of $0.12 per share, matching the Zacks Consensus Estimate, but down from $0.14 per share a year ago [1] - The company posted revenues of $99.14 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 0.87% and up from $79.35 million year-over-year [2] - Over the last four quarters, Ring Energy has not surpassed consensus EPS estimates, and it delivered a surprise of -28.57% in the previous quarter [1][6] Market Performance - Ring Energy shares have increased approximately 13% since the beginning of the year, outperforming the S&P 500's gain of 8.7% [3] - The current consensus EPS estimate for the upcoming quarter is $0.12 on revenues of $96.58 million, and for the current fiscal year, it is $0.47 on revenues of $382.19 million [7] Industry Outlook - The Zacks Industry Rank for Oil and Gas - Exploration and Production - United States is currently in the bottom 32% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8] - The estimate revisions trend for Ring Energy is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [6]