MIDLAND, Texas (AP) _ Ring Energy Inc. (REI) on Wednesday reported second-quarter profit of $12.4 million.
On a per-share basis, the Midland, Texas-based company said it had net income of 18 cents. Earnings, adjusted for non-recurring gains, were 17 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.
The independent oil and gas company posted revenue of $51.3 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $49.7 million.
In the final minutes of trading on Wednesday, the company's shares hit $1.91. A year ago, they were trading at $11.69.