Riley Exploration Permian (NYSE:REPX) Hits New 52-Week High – Here’s What Happened

Riley Exploration Permian, Inc. (NYSE:REPX) shares hit a new 52-week high during trading on Wednesday. The stock traded as high as $50.00 and last traded at $48.94, with a volume of 237,708 shares traded. The stock had previously closed at $49.28.

Analysts Set New Price Targets

A number of equities research analysts recently commented on REPX shares. Roth Capital restated a “buy” rating on shares of Riley Exploration Permian in a research report on Thursday. Truist Financial cut their price objective on Riley Exploration Permian from $47.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $43.00.

Riley Exploration Permian Trading Up 5.7%

The business’s fifty day simple moving average is $42.20 and its 200 day simple moving average is $37.61. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.53. The stock has a market cap of $1.13 billion, a P/E ratio of 9.06 and a beta of 1.05.

Riley Exploration Permian Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 11th. Stockholders of record on Wednesday, October 28th will be given a dividend of $0.42 per share. The ex-dividend date is Wednesday, October 28th. This is a positive change from Riley Exploration Permian’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.3%. Riley Exploration Permian’s dividend payout ratio (DPR) is currently 30.43%.

Insider Activity

In other news, CFO Philip Riley sold 4,000 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $37.61, for a total transaction of $150,440.00. Following the sale, the chief financial officer directly owned 235,503 shares of the company’s stock, valued at $8,857,267.83. This represents a 1.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Corey Riley sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $35.20, for a total transaction of $123,200.00. Following the completion of the sale, the insider directly owned 210,062 shares of the company’s stock, valued at approximately $7,394,182.40. This represents a 1.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 20,000 shares of company stock valued at $721,765 over the last three months. 4.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Riley Exploration Permian

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Riley Exploration Permian in the 2nd quarter valued at $40,302,000. Dimensional Fund Advisors LP lifted its stake in shares of Riley Exploration Permian by 15.1% during the first quarter. Dimensional Fund Advisors LP now owns 616,564 shares of the company’s stock valued at $22,474,000 after acquiring an additional 80,770 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Riley Exploration Permian by 572.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 608,833 shares of the company’s stock worth $22,192,000 after purchasing an additional 518,340 shares during the period. First Eagle Investment Management LLC raised its holdings in Riley Exploration Permian by 134.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 430,946 shares of the company’s stock worth $14,204,000 after purchasing an additional 246,798 shares during the last quarter. Finally, State Street Corp raised its holdings in Riley Exploration Permian by 30.4% during the 2nd quarter. State Street Corp now owns 325,904 shares of the company’s stock worth $10,742,000 after purchasing an additional 75,993 shares during the last quarter. 58.91% of the stock is owned by institutional investors and hedge funds.

Riley Exploration Permian Company Profile

Riley Exploration Permian, Inc is an independent oil and natural gas exploration and production company focused on developing hydrocarbon properties in the Permian Basin. Its activities include acquiring acreage, drilling and completing wells, and producing crude oil, natural gas and natural gas liquids.

The company’s operations are concentrated in the U.S. Permian Basin, with a particular focus on properties in southeastern New Mexico. Riley Exploration Permian primarily uses horizontal drilling and related completion techniques to develop its operated acreage and extract resources from unconventional formations.

Riley Exploration Permian became a publicly traded company in 2021.