Riley Exploration Permian (NYSE:REPX) Hits New 12-Month High – Here’s What Happened

Riley Exploration Permian, Inc. (NYSE:REPX) shares hit a new 52-week high on Thursday . The stock traded as high as $31.68 and last traded at $31.58, with a volume of 314249 shares traded. The stock had previously closed at $29.65.

Analyst Upgrades and Downgrades

REPX has been the subject of a number of recent analyst reports. 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. William Blair reiterated an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $36.00.

Riley Exploration Permian Stock Performance

The stock has a market capitalization of $715.75 million, a PE ratio of 5.78 and a beta of 1.22. 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 stock has a fifty day moving average of $27.47 and a 200-day moving average of $27.22.

Riley Exploration Permian Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Thursday, January 22nd were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend was Thursday, January 22nd. Riley Exploration Permian’s dividend payout ratio is 39.12%.

Riley Exploration Permian announced that its Board of Directors has initiated a share buyback program on Tuesday, December 16th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 18% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Bobby Riley sold 20,000 shares of the stock in a transaction on Friday, December 19th. The shares were sold at an average price of $25.91, for a total transaction of $518,200.00. Following the completion of the sale, the chief executive officer owned 349,431 shares in the company, valued at $9,053,757.21. This represents a 5.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $27.41, for a total transaction of $95,935.00. Following the completion of the transaction, the insider owned 158,565 shares in the company, valued at approximately $4,346,266.65. This represents a 2.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 36,000 shares of company stock worth $961,510 over the last ninety days. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. American Century Companies Inc. increased its holdings in shares of Riley Exploration Permian by 9.4% in the 3rd quarter. American Century Companies Inc. now owns 581,491 shares of the company’s stock valued at $15,764,000 after purchasing an additional 49,843 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Riley Exploration Permian by 9.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 535,794 shares of the company’s stock worth $14,146,000 after buying an additional 47,165 shares during the period. Geode Capital Management LLC lifted its position in shares of Riley Exploration Permian by 14.9% during the 2nd quarter. Geode Capital Management LLC now owns 319,695 shares of the company’s stock valued at $8,386,000 after acquiring an additional 41,574 shares during the period. Kennedy Capital Management LLC boosted its stake in shares of Riley Exploration Permian by 15.0% during the 3rd quarter. Kennedy Capital Management LLC now owns 248,663 shares of the company’s stock worth $6,741,000 after acquiring an additional 32,522 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Riley Exploration Permian by 2.5% in the 4th quarter. State Street Corp now owns 230,024 shares of the company’s stock worth $6,073,000 after acquiring an additional 5,512 shares during the period. Hedge funds and other institutional investors own 58.91% of the company’s stock.

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.