Regina Roesener, a director at Ring Energy, Inc. (AMEX:REI), recently sold 16,000 shares of the company's common stock. The shares were sold at a price of $1.25 each, resulting in a total transaction value of $20,000. According to InvestingPro data, the stock is currently trading at $395.59, within its 52-week range of $350.08 to $445.42, and has gained 4.41% over the past six months. Following the sale, Roesener retains direct ownership of 430,262 shares. Additionally, she holds 8,000 shares indirectly through the Eugene Neidiger Life Insurance (NS:LIFI) Trust and 850 shares held by a custodian for her minor son, although she disclaims beneficial ownership of the latter. For deeper insights into Ring Energy's valuation metrics and exclusive analysis, check out the comprehensive Pro Research Report available on InvestingPro, which provides detailed financial analysis and expert recommendations.
In other recent news, Ring Energy has reported a robust performance for the third quarter of 2024. Despite a dip in pricing, the company saw an 11% year-to-date increase in total sales volume and a 34% rise in adjusted free cash flow. The company's net income was reported at $33.9 million, with adjusted EBITDA reaching $54 million. Ring Energy also reported a record sales volume of 20,108 barrels of oil equivalent per day.
The company's debt was reduced to $392 million, a decrease from the previous quarter. For the future, Ring Energy has updated its 2024 guidance, projecting an average daily oil production of 13,250 to 13,450 barrels. The company expects crude oil sales volumes for the fourth quarter to be between 12,950 to 13,550 barrels per day.
However, the company's revenue decreased by 10% to $89.2 million, primarily due to lower realized pricing. These are the recent developments from Ring Energy.
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