2024-07-19 12:02:15 ET
Summary
- Ring Energy is an upstream oil & gas company with operations in the Permian Basin, a sedimentary basin that produces about 47% of the U.S. daily production.
- Management is extremely committed to the success of the company - increased sales guidance for the second quarter of 2024 and announced debt reduction results.
- REI is undervalued, trading at a discount to book value, with strong free cash flow and debt reduction plans.
- Valuation models suggest REI is worth $4 - $5 per share, with potential upside from exposure to high oil prices and debt reduction efforts.
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Ring Energy: The Hidden Treasure Of The Permian Basin