MIDLAND, Texas — Ring Energy Inc. (REI) on Monday reported a second-quarter loss of $135 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Midland, Texas-based company said it had a loss of $1.99. Losses, adjusted for one-time gains and costs, came to 2 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The independent oil and gas company posted revenue of $10.6 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $16.3 million.
The company’s shares closed at $1.24. A year ago, they were trading at $2.20.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on REI at https://www.zacks.com/ap/REI