Ring Energy price target lowered to $3 from $3.50 at Alliance Global Partners

Alliance Global Partners lowered the firm’s price target on Ring Energy to $3 from $3.50 and keeps a Buy rating on the shares. The company provided an operational update that included better than expected Q4 production and preliminary Q1 guidance that was below expectations, “providing for a largely neutral update,” the analyst tells investors in a research note. The firm cites a decrease in its 2024 benchmark commodity price assumptions for the target drop.