Riley Exploration Permian (NYSE:REPX) Sets New 52-Week High – Should You Buy?

Shares of Riley Exploration Permian, Inc. (NYSE:REPX) hit a new 52-week high during trading on Wednesday . The stock traded as high as $41.60 and last traded at $41.22, with a volume of 505296 shares. The stock had previously closed at $39.43.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on REPX. Truist Financial dropped their target price on shares of Riley Exploration Permian from $47.00 to $41.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Zacks Research cut Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Finally, Roth Capital restated a “buy” rating and set a $45.00 price target on shares of Riley Exploration Permian in a research report on Thursday, July 23rd. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Riley Exploration Permian Trading Up 4.5%

The company’s 50 day moving average price is $35.04 and its 200 day moving average price is $34.58. 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 firm has a market cap of $913.19 million, a PE ratio of 7.31 and a beta of 0.96.

Riley Exploration Permian Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 12th. Shareholders of record on Wednesday, July 29th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, July 29th. This represents a $1.60 dividend on an annualized basis and a yield of 3.9%. Riley Exploration Permian’s dividend payout ratio is 28.99%.

Insider Buying and Selling at Riley Exploration Permian

In other news, CEO Bobby Riley sold 12,500 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $35.85, for a total transaction of $448,125.00. Following the sale, the chief executive officer owned 482,983 shares of the company’s stock, valued at approximately $17,314,940.55. This represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philip A. Riley sold 4,000 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $37.61, for a total value of $150,440.00. Following the completion of the sale, the chief financial officer directly owned 235,503 shares in the company, valued at $8,857,267.83. This represents a 1.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 20,000 shares of company stock valued at $721,765 in the last 90 days. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Riley Exploration Permian

Several institutional investors have recently modified their holdings of REPX. Aster Capital Management DIFC Ltd purchased a new stake in Riley Exploration Permian during the 4th quarter worth about $27,000. Royal Bank of Canada grew its position in shares of Riley Exploration Permian by 210.9% during the fourth quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock worth $31,000 after acquiring an additional 772 shares during the last quarter. Allworth Financial LP acquired a new position in Riley Exploration Permian in the second quarter valued at $42,000. Quarry LP acquired a new position in Riley Exploration Permian in the 3rd quarter valued at about $46,000. Finally, Nykredit A S acquired a new stake in shares of Riley Exploration Permian during the second quarter worth $63,000. 58.91% of the stock is 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.