MIDLAND, Texas (AP) _ Ring Energy Inc. (REI) on Wednesday reported third-quarter profit of $9.9 million.
The Midland, Texas-based company said it had profit of 15 cents per share. Earnings, adjusted for non-recurring gains, came to 12 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.
The independent oil and gas company posted revenue of $50.3 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $48.6 million.
In the final minutes of trading on Wednesday, the company's shares hit $1.85. A year ago, they were trading at $7.40.