$REI

Ring Energy's Waha Gas Recovery Could Offset Oil Weakness, BofA Says

Ring Energy (REI) could see improving profitability and stronger natural gas realizations over the next 18 months as new pipeline takeaway capacity boosts Waha gas prices, more than offsetting the impact of weaker oil prices, BofA Securities said in a Wednesday note.The analyst said Ring's net asset value is underappreciated because current weak spot Waha pricing masks the potential for improved natural gas realizations and profitability as major pipeline projects come online.BofA said higher Waha natural gas prices should be the primary driver of Ring's valuation, based on a long-term WTI oil price assumption of $65 per barrel and net Waha gas realizations of about $3 per MMBtu, while citing weaker commodity prices and delays to Waha pipeline projects as key risks.BofA initiated coverage of the stock with a buy rating and a $2 price target.Ring Energy shares were up 1.7% in Wednesday trading.Price: $1.20, Change: $+0.02, Percent Change: +1.69%

BofA Securities Initiates Ring Energy at Buy, $2 Price Target

Ring Energy Pays Down $66 Million in Debt, Reaffirms Borrowing Base at $585 Million

Ring Energy (REI) paid down $66 million in debt during the second quarter, with its borrowing base under its $1 billion senior revolving credit facility reaffirmed at $585 million, the company said Thursday.Total debt outstanding under the credit facility stood at $360 million as of June 30, the company said. The next borrowing base redetermination is scheduled for fall 2026.Ring Energy also said the credit facility was amended to eliminate the 10-basis-point SOFR credit spread adjustment.Ring Energy used net proceeds from its recently completed equity offering and cash flow from operations to pay down the debt. As of June 30, the company increased its liquidity to $226.1 million from $160 million at March 31.

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Monday afternoon, with the NYSE Energy Sector Index decreasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.4%.The Philadelphia Oil Service Sector Index was falling 1.3%, and the Dow Jones US Utilities Index decreased 0.8%.Front-month West Texas Intermediate crude oil rose 1.7% to $70.42 a barrel, and the global benchmark Brent crude contract added 1.1% to $72.79 a barrel. Henry Hub natural gas futures fell 3.1% to $3.18 per 1 million BTU.In corporate news, SandRidge Energy (SD) shares rose 1.9% after it said Monday it agreed to acquire some producing assets and leasehold interests in the Cherokee play in the mid-continent region for $65 million in cash.Duke Energy (DUK) entered a settlement agreement with the US Department of the Interior to provide reliable energy at lower costs to customers in the Carolinas, the Department of the Interior said Monday. Duke Energy shares were down 0.1%.Matador Resources' (MTDR) majority-owned San Mateo Midstream joint venture has agreed to acquire the operating subsidiaries of Cardinal Midstream Partners from EnCap Flatrock Midstream for $752 million in cash. Matador shares declined 0.5%.Ring Energy (REI) has joined the Russell 3000 Index, effective when the US market opens on Monday, as part of the Russell indexes reconstitution, the company said on the same day. Ring Energy shares gained 3.3%.

Ring Energy Added to Russell 3000 Index

Ring Energy (REI) has joined the Russell 3000 Index, effective when the US market opens on Monday, as part of the Russell indexes reconstitution, the company said on the same day.Membership in the index leads to automatic inclusion in the small-cap Russell 2000 Index as well as on some growth and value style indexes, the company said.

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) fractionally lower.The Philadelphia Oil Service Sector Index was down 0.5%, and the Dow Jones US Utilities Index was falling 1.1%.Front-month West Texas Intermediate crude oil declined 1% to $101.12 a barrel, and the global benchmark Brent crude contract dropped 1.8% to $105.81 a barrel. Henry Hub natural gas futures rose 0.5% to $2.86 per 1 million BTU.In sector news, the International Energy Agency on Wednesday forecast a sharper decline in global oil demand this year than previously expected as the Middle East conflict drives up energy prices. The agency anticipates oil consumption to contract by 420,000 barrels a day in 2026, compared with an 80,000-barrel drop expected last month. Oil demand is projected to plunge by 2.45 million barrels per day in the second quarter.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.9 million barrels in the week ended May 8 following a decrease of 7.5 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 4.3 million barrels after a 2.3-million-barrel decline in the previous week, more than the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, BP (BP) has stopped contract discussions with the US steelworkers' union after the lockout of over 800 employees at its Whiting, Indiana, facility, Reuters reported, citing a statement from the union. BP shares were down 0.5%.Fervo Energy (FRVO) stock surged 34% in Wednesday trading following its Nasdaq debut.Ring Energy (REI) shares dropped 27% after the company overnight said it priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.Enphase Energy (ENPH) shares jumped past 13% after the company said it opened US pre-orders for its new IQ9S-3P Commercial Microinverter.

Sector Update: Energy Stocks Softer Wednesday Afternoon

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) easing 0.2%.The Philadelphia Oil Service Sector Index was down 0.7%, and the Dow Jones US Utilities Index was falling 1.1%.Front-month West Texas Intermediate crude oil was declining 0.4% to $101.81 a barrel, and the global benchmark Brent crude contract was dropping 1.4% to $106.24 a barrel. Henry Hub natural gas futures rose 0.9% to $2.87 per 1 million BTU.In sector news, the International Energy Agency on Wednesday forecast a sharper decline in global oil demand this year than previously expected as the Middle East conflict drives up energy prices. The agency anticipates oil consumption to contract by 420,000 barrels a day in 2026, compared with an 80,000-barrel drop expected last month. Oil demand is projected to plunge by 2.45 million barrels per day in the second quarter.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.9 million barrels in the week ended May 8 following a decrease of 7.5 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 4.3 million barrels after a 2.3-million-barrel decline in the previous week, more than the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, BP (BP) has stopped contract discussions with the US steelworkers' union after the lockout of over 800 employees at its Whiting, Indiana, facility, Reuters reported, citing a statement from the union. BP shares were down 0.9%.Ring Energy (REI) shares dropped 25% after the company overnight said it priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.Equinor (EQNR) plans to hold talks with major European customers on whether they would support ambitious and expensive new projects to recover oil and gas supplies, Bloomberg reported. Equinor shares fell 1.2%.

Top Midday Decliners

Ring Energy (REI) said overnight it priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.Shares sank 25% following a surge in intraday trading volume to over 24.7 million from a daily average of about 5.17 million.Black Rock Coffee Bar (BRCB) reported Q1 earnings and revenue late Tuesday below analysts' estimates.Shares slumped 26% as intraday trading volume advanced to more than 1.77 million from a daily average of about 485,000.TriSalus Life Sciences (TLSI) reported a surprise decline in Q1 revenue late Tuesday, and its revised full-year 2026 sales guidance missed market expectations.Shares plunged 37%, with intraday trading volume rising to over 5.53 million from a daily average of about 180,000.Price: $1.34, Change: $-0.45, Percent Change: -25.00%

Sector Update: Energy Stocks Decline Premarket Wednesday

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.2% lower.The United States Oil Fund (USO) was down 0.4% and The United States Natural Gas Fund (UNG) was 2.6% higher.Front-month US West Texas Intermediate crude oil was slightly lower at $102.15 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 0.3% to $107.44 per barrel, and natural gas futures were up 2.5% at $2.92 per 1 million British Thermal Units.FLEX LNG (FLNG) shares were more than 1% higher after the company raised its 2026 revenue guidance.BP (BP) has stopped contract discussions with the US steelworkers' union after the lockout of over 800 employees at its Whiting, Indiana, facility, Reuters reported, citing a statement from the union. BP shares were 0.4% lower pre-bell.Ring Energy (REI) stock was down more than 23% after the company priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.

Top Premarket Decliners

WORK Medical Technology Group (WOK) shares were down 82% in Wednesday premarket activity, paring Tuesday's rally.Ring Energy (REI) stock was 25% lower after the company said overnight it priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.Wix.com (WIX) shares were down 17% after the company posted lower Q1 adjusted earnings that also trailed analysts' forecasts.Red Cat (RCAT) stock was 14% lower, a day after the company said it priced a roughly $225 million common stock offering.

Ring Energy Shares Drop Pre-Bell Following Pricing of $60 Million Offering

Ring Energy (REI) shares were down 18% in premarket activity Wednesday after the company overnight said it priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.Underwriters have a 30-day option to purchase up to 6.7 million additional shares, the company said late Tuesday.Ring Energy expects the offering to close by Thursday and plans to use the net proceeds to repay borrowings under a senior secured revolving credit facility and for general corporate purposes.

Ring Energy Launches $60 Million Stock Offering to Repay Debt

Ring Energy (REI) has launched an underwritten public offering of $60 million shares, with underwriters granted an option to buy up to an additional $9 million in shares, the company said late Tuesday.The company plans to use the proceeds to repay borrowings under its senior secured revolving credit facility, with any remaining funds to be used for general corporate purposes, it said.