Riley Exploration Permian (NYSE:REPX) Sees Strong Trading Volume – Here’s Why

Shares of Riley Exploration Permian, Inc. (NYSE:REPX) saw unusually-strong trading volume on Friday . Approximately 843,436 shares traded hands during trading, an increase of 215% from the previous session’s volume of 267,833 shares.The stock last traded at $32.93 and had previously closed at $32.40.

Analysts Set New Price Targets

A number of brokerages have commented on REPX. Zacks Research cut Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 13th. William Blair reiterated an “outperform” rating on shares of Riley Exploration Permian in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $36.00.

Riley Exploration Permian Price Performance

The firm has a 50-day moving average of $27.74 and a 200-day moving average of $27.31. The stock has a market cap of $725.20 million, a PE ratio of 5.85 and a beta of 1.22. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.70 and a quick ratio of 0.64.

Riley Exploration Permian Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Thursday, January 22nd were given a dividend of $0.40 per share. The ex-dividend date was Thursday, January 22nd. This represents a $1.60 annualized dividend and a dividend yield of 4.8%. Riley Exploration Permian’s dividend payout ratio (DPR) is presently 21.08%.

Riley Exploration Permian declared that its board has authorized a stock buyback plan on Tuesday, December 16th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 18% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Riley Exploration Permian

In other news, CEO Bobby Riley sold 12,500 shares of Riley Exploration Permian stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $27.79, for a total value of $347,375.00. Following the sale, the chief executive officer directly owned 336,931 shares of the company’s stock, valued at approximately $9,363,312.49. The trade was a 3.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Corey Neil Riley sold 3,500 shares of the business’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $27.41, for a total value of $95,935.00. Following the completion of the sale, the insider owned 158,565 shares in the company, valued at $4,346,266.65. This represents a 2.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 36,000 shares of company stock worth $961,510. Corporate insiders own 4.70% of the company’s stock.

Institutional Trading of Riley Exploration Permian

A number of large investors have recently added to or reduced their stakes in REPX. Bank of America Corp DE raised its holdings in shares of Riley Exploration Permian by 5.4% during the 2nd quarter. Bank of America Corp DE now owns 7,806 shares of the company’s stock worth $205,000 after acquiring an additional 402 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Riley Exploration Permian by 6.1% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,188 shares of the company’s stock worth $189,000 after purchasing an additional 411 shares during the last quarter. MetLife Investment Management LLC increased its position in Riley Exploration Permian by 6.5% in the fourth quarter. MetLife Investment Management LLC now owns 8,410 shares of the company’s stock worth $222,000 after purchasing an additional 516 shares during the last quarter. Empowered Funds LLC raised its stake in Riley Exploration Permian by 1.8% during the first quarter. Empowered Funds LLC now owns 31,549 shares of the company’s stock valued at $920,000 after purchasing an additional 562 shares in the last quarter. Finally, State of Wyoming raised its stake in Riley Exploration Permian by 12.8% during the fourth quarter. State of Wyoming now owns 5,011 shares of the company’s stock valued at $132,000 after purchasing an additional 567 shares in the last quarter. Institutional investors own 58.91% of the company’s stock.

Riley Exploration Permian Company Profile

Riley Exploration Permian, Inc (NYSE:REPX) is a special purpose acquisition company formed to identify, acquire and operate assets in the oil and natural gas sector, with a dedicated focus on the Permian Basin. Incorporated in Delaware, the company completed its initial public offering on the New York Stock Exchange and is positioned to pursue a business combination with one or more upstream or midstream energy businesses. Riley Exploration Permian’s strategy centers on leveraging the region’s prolific reservoirs and existing infrastructure to drive growth and value for its shareholders.

The company seeks to target exploration and production assets in both the Midland and Delaware sub-basins of West Texas and southeastern New Mexico, where extensive pipeline networks and favorable geologic characteristics support efficient development.