Morning Meeting Notes: QuickNotes

Research evidence excerpt

Morning Meeting Notes: QuickNotes

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Morning Meeting Notes

QuickNotes

Morning Call

US EQUITIES RESEARCH 15 July 2026

Initiations & Reinstatements Equity United States

Ring Energy | BUY | REI US | Mkt Cap:USD307mn | Conor Fitzpatrick Investor Support

“Positive Waha” has a nice Ring to it; Initiate Buy, PO is $2.00 BofAS

• Initiate Buy on Ring Energy (REI), Price Objective is $2.00/sh

• Ring is a Permian Central Basin Platform focused O&G E&P company, exposed to

WTI/Waha

• As nearby gas pipe takeaway grows in '26/27, gas realizations should improve, driving

Today’s Events: Economic Indicators

NAV premium vs current share price

PO Raised 1. 7:00 MBA Mortgage Applications

2. 8:30 Empire Manufacturing

Aflac | BUY | AFL US | Mkt Cap:USD62,122mn | Joshua Shanker

3. 8:30 PPI Final Demand MoM

2Q results to feature growth & margin headwinds from softening rates

4. 8:30 PPI Ex Food and Energy MoM

• We expect below average cat exposure across our coverage; personal lines carriers 5. 8:30 PPI Ex Food, Energy, Trade MoM

will be exposed to severe weather events

6. 8:45 Fed's Williams Delivers Keynote

• Property rate declines to pressure growth and margins; we expect healthy auto Remarks

insurance profitability despite negative CPI

7. 10:00 Fed Chair Warsh’s Congressional

• Broker growth will be impacted by heavy property placements in the quarter; Testimony

commentary on M&A activity will be of interest

8. 13:00 Fed's Cook Speaks on the

Allstate Corp. | BUY | ALL US | Mkt Cap:USD64,445mn | Joshua Shanker Economic Outlook

2Q results to feature growth & margin headwinds from softening rates 9. 14:00 Fed Releases Beige Book

10. 18:30 Fed's Musalem Delivers Welcoming• We expect below average cat exposure across our coverage; personal lines carriers