Ring Energy: Debt Reduction Expected To Continue In 2024 [Seeking Alpha]
Ring Energy, Inc. (REI)
NASDAQ:AMEX Investor Relations:
ringenergy.com
Company Research
Source: Seeking Alpha
Ring still has some work to do with debt reduction, but should end 2024 with over $240 million in borrowing capacity too. Oil will likely account for 95+% of Ring's revenues. Looking for more investing ideas like this one? Get them exclusively at Distressed Value Investing. Learn More » Ring Energy's ( NYSE: REI ) projected free cash flow for 2024 has gone down a bit due to weaker commodity prices since I looked at it a few months ago. Ring is also dealing with increased interest costs compared to earlier in the year, with its credit facility interest rate reaching over 9%. Despite this, Ring should still be able to generate over $60 million in free cash flow in 2024 while maintaining production levels. This would be around $0.33 per share in free cash flow, allowing it to reduce its leverage to 1.4x by the end of 2024. I estimate Ring's value at approximately $2.70 per share at long-term $75 WTI oil now. This is down modestly from my October valuation due to lowered near-t
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REI
News
- Ring Energy Announces First Quarter 2024 Results, Provides Second Quarter 2024 Outlook and Reiterates Full Year 2024 Guidance [Yahoo! Finance]Yahoo! Finance
- Ring Energy Announces First Quarter 2024 Results, Provides Second Quarter 2024 Outlook and Reiterates Full Year 2024 GuidanceGlobeNewswire
- Ring Energy Announces Timing of First Quarter 2024 Earnings Release and Conference Call [Yahoo! Finance]Yahoo! Finance
- Ring Energy Announces Timing of First Quarter 2024 Earnings Release and Conference CallGlobeNewswire
- Ring Energy: The Transition Continues [Seeking Alpha]Seeking Alpha
REI
Earnings
- 5/6/24 - Miss
REI
Sec Filings
- 5/6/24 - Form 10-Q
- 4/19/24 - Form 8-K
- 4/16/24 - Form DEF
- REI's page on the SEC website