Riley Exploration Permian (NYSE:REPX) Stock Price Down 7.4% – Time to Sell?

Riley Exploration Permian, Inc. (NYSE:REPX) dropped 7.4% during trading on Monday. The company traded as low as $49.60 and last traded at $49.3350. Approximately 99,405 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 315,971 shares. The stock had previously closed at $53.27.

Wall Street Analysts Forecast Growth

REPX has been the topic of several analyst reports. Roth Capital reiterated a “buy” rating on shares of Riley Exploration Permian in a report on Thursday, October 22nd. Zacks Research upgraded shares of Riley Exploration Permian from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 23rd. Finally, Truist Financial reduced their price target on shares of Riley Exploration Permian from $47.00 to $41.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $43.00.

Riley Exploration Permian Trading Down 9.8%

The company’s 50 day moving average price is $43.97 and its 200 day moving average price is $36.10. The firm has a market cap of $1.06 billion, a PE ratio of 8.55 and a beta of 1.05. 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 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, October 28th will be issued a dividend of $0.42 per share. This is a boost from Riley Exploration Permian’s previous quarterly dividend of $0.40. The ex-dividend date is Wednesday, October 28th. This represents a $1.68 annualized dividend and a yield of 3.5%. Riley Exploration Permian’s dividend payout ratio (DPR) is presently 30.43%.

Insider Activity

In other news, CEO Bobby Riley sold 12,500 shares of the firm’s stock in a transaction dated 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 trade represents a 2.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philip Riley sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was 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 in the company, valued at approximately $8,857,267.83. The trade was a 1.67% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 20,000 shares of company stock worth $721,765. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allworth Financial LP acquired a new position in shares of Riley Exploration Permian in the second quarter valued at approximately $42,000. Nykredit A S acquired a new position in Riley Exploration Permian in the 2nd quarter valued at $63,000. Globeflex Capital L P acquired a new position in Riley Exploration Permian in the 2nd quarter valued at $108,000. Nisa Investment Advisors LLC raised its position in Riley Exploration Permian by 11.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 4,239 shares of the company’s stock worth $170,000 after buying an additional 446 shares during the last quarter. Finally, Quartz Partners LLC purchased a new position in Riley Exploration Permian during the 2nd quarter worth $206,000. 58.91% of the stock is currently owned by hedge funds and other institutional investors.

About Riley Exploration Permian

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.