5 Best Undervalued Stocks To Buy Now

2. Ring Energy, Inc. (NYSE:REI)

Forward P/E ratio as of December 19: 1.94

Number of Hedge Fund Holders: 10

Headquartered in Midland, Texas, Ring Energy, Inc. (NYSE:REI) is an independent oil and natural gas company that focuses on the acquisition, exploration, production, and development of oil and natural gas fields in the Permian and Mid-Continent regions of the US. The majority of the company’s production is done through the vertical drilling of wells.

On November 9, 2022, Ring Energy, Inc. (NYSE:REI) reported its third-quarter result with revenue of $94.41 million for the quarter. The company’s Normalized EPS stood at $0.28, beating market expectations by $0.04. The CEO, while commenting on the results, stated that the acquisition of Stronghold’s complementary CBP asset base has dramatically boosted the size and scale of the company, materially expanded the portfolio of projects with low cost and high rate of return, and reduced overall cost structure improving the company’s ability to generate free cash flow.

As per Insider Monkey’s database, 10 hedge funds remained bullish on Ring Energy, Inc. (NYSE:REI) at the end of Q3 2022. Two Sigma Advisors came out to be the biggest holder of the company’s shares at the end of the quarter.