Riley Exploration Permian (NYSE:REPX) Reaches New 1-Year High – Here’s What Happened

Riley Exploration Permian, Inc. (NYSE:REPX)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $35.78 and last traded at $35.8250, with a volume of 51877 shares traded. The stock had previously closed at $34.78.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Truist Financial initiated coverage on Riley Exploration Permian in a research note on Tuesday. They issued a “buy” rating and a $47.00 target price for the company. William Blair reissued an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. Finally, Zacks Research cut shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $41.50.

Riley Exploration Permian Stock Up 3.5%

The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53. The business has a 50-day simple moving average of $29.41 and a two-hundred day simple moving average of $27.67. The stock has a market capitalization of $776.52 million, a P/E ratio of 6.38 and a beta of 1.22.

Riley Exploration Permian Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Thursday, January 22nd were issued a $0.40 dividend. The ex-dividend date of this dividend was Thursday, January 22nd. This represents a $1.60 annualized dividend and a dividend yield of 4.4%. Riley Exploration Permian’s dividend payout ratio is presently 21.08%.

Riley Exploration Permian announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 16th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 18% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Riley Exploration Permian news, CEO Bobby Riley sold 12,500 shares of the business’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $27.79, for a total value of $347,375.00. Following the transaction, the chief executive officer directly owned 336,931 shares in the company, valued at $9,363,312.49. The trade was a 3.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Corey Neil Riley sold 3,500 shares of the company’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $27.41, for a total transaction of $95,935.00. Following the sale, the insider directly 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. The SEC filing for this sale provides additional information. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Riley Exploration Permian

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in Riley Exploration Permian by 14.9% in the 2nd quarter. Geode Capital Management LLC now owns 319,695 shares of the company’s stock valued at $8,386,000 after purchasing an additional 41,574 shares during the last quarter. Denali Advisors LLC grew its holdings in shares of Riley Exploration Permian by 211.8% during the third quarter. Denali Advisors LLC now owns 88,495 shares of the company’s stock worth $2,399,000 after purchasing an additional 60,110 shares during the last quarter. TrueMark Investments LLC acquired a new stake in shares of Riley Exploration Permian in the third quarter valued at $3,027,000. American Century Companies Inc. increased its stake in shares of Riley Exploration Permian by 9.7% in the second quarter. American Century Companies Inc. now owns 531,648 shares of the company’s stock valued at $13,945,000 after buying an additional 47,034 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Riley Exploration Permian by 83.5% in the second quarter. Mackenzie Financial Corp now owns 121,731 shares of the company’s stock valued at $3,193,000 after buying an additional 55,400 shares during the last quarter. 58.91% of the stock is currently owned by institutional investors.

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.