Riley Exploration Permian (NYSE:REPX) Trading 4% Higher – What’s Next?

Riley Exploration Permian, Inc. (NYSE:REPX) rose 4% on Monday . The company traded as high as $34.76 and last traded at $34.47. 246,609 shares were traded during trading, a decline of 30% from the average session volume of 352,533 shares. The stock had previously closed at $33.13.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Truist Financial began coverage on Riley Exploration Permian in a research note on Tuesday, March 24th. They issued a “buy” rating and a $47.00 target price on the stock. Roth Capital reiterated a “buy” rating on shares of Riley Exploration Permian in a research report on Thursday, April 30th. Finally, Zacks Research downgraded Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Riley Exploration Permian currently has a consensus rating of “Buy” and an average price target of $41.50.

Riley Exploration Permian Price Performance

The stock has a market capitalization of $742.35 million, a PE ratio of 6.07 and a beta of 0.91. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.70 and a quick ratio of 0.64. The stock’s fifty day moving average is $34.74 and its 200-day moving average is $32.43.

Insider Activity

In related news, insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $34.37, for a total value of $120,295.00. Following the completion of the transaction, the insider owned 148,472 shares in the company, valued at $5,102,982.64. The trade was a 2.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Bobby Riley sold 12,500 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $34.45, for a total value of $430,625.00. Following the completion of the transaction, the chief executive officer directly owned 313,020 shares of the company’s stock, valued at $10,783,539. The trade was a 3.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is owned by insiders.

Institutional Trading of Riley Exploration Permian

A number of institutional investors and hedge funds have recently made changes to their positions in REPX. Dynamic Technology Lab Private Ltd purchased a new stake in Riley Exploration Permian in the 1st quarter worth $249,000. Empowered Funds LLC lifted its holdings 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. Jane Street Group LLC purchased a new position in Riley Exploration Permian during the first quarter valued at $431,000. JPMorgan Chase & Co. grew its position in shares of Riley Exploration Permian by 27.1% in the second quarter. JPMorgan Chase & Co. now owns 7,438 shares of the company’s stock valued at $195,000 after purchasing an additional 1,586 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Riley Exploration Permian by 17.2% during the second quarter. Rhumbline Advisers now owns 19,052 shares of the company’s stock worth $500,000 after purchasing an additional 2,802 shares in the last quarter. 58.91% of the stock is currently owned by hedge funds and other institutional investors.

About Riley Exploration Permian

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.