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

Riley Exploration Permian, Inc. (NYSE:REPX) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $34.35 and last traded at $33.6650, with a volume of 19740 shares trading hands. The stock had previously closed at $33.79.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. William Blair reaffirmed an “outperform” rating on shares of Riley Exploration Permian in a research report on Thursday, March 5th. Zacks Research cut Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Riley Exploration Permian currently has an average rating of “Buy” and a consensus price target of $36.00.

Riley Exploration Permian Stock Performance

The company has a market capitalization of $732.20 million, a P/E ratio of 6.02 and a beta of 1.22. 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 company’s fifty day moving average is $29.08 and its 200 day moving average is $27.62.

Riley Exploration Permian Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Thursday, January 22nd were given a $0.40 dividend. The ex-dividend date was Thursday, January 22nd. This represents a $1.60 annualized dividend and a dividend yield of 4.7%. Riley Exploration Permian’s payout ratio is 21.08%.

Riley Exploration Permian declared that its Board of Directors has authorized a stock buyback plan on Tuesday, December 16th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 18% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Bobby Riley sold 12,500 shares of the stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $27.79, for a total transaction of $347,375.00. Following the sale, the chief executive officer owned 336,931 shares of the company’s stock, valued at approximately $9,363,312.49. This represents a 3.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Corey Neil Riley sold 3,500 shares of the firm’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $27.41, for a total value of $95,935.00. Following the completion of the transaction, the insider owned 158,565 shares of the company’s stock, valued at approximately $4,346,266.65. This represents a 2.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Riley Exploration Permian

Large investors have recently modified their holdings of the company. Invesco Ltd. grew its stake in Riley Exploration Permian by 38.8% during the fourth quarter. Invesco Ltd. now owns 29,903 shares of the company’s stock valued at $789,000 after acquiring an additional 8,363 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Riley Exploration Permian by 12.3% during the 4th quarter. Mackenzie Financial Corp now owns 163,215 shares of the company’s stock worth $4,364,000 after acquiring an additional 17,941 shares during the period. VARCOV Co. purchased a new stake in Riley Exploration Permian in the 4th quarter worth approximately $304,000. Susquehanna Portfolio Strategies LLC lifted its stake in Riley Exploration Permian by 19.8% in the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 18,178 shares of the company’s stock worth $480,000 after purchasing an additional 3,001 shares in the last quarter. Finally, Oxford Asset Management LLP bought a new position in Riley Exploration Permian in the 4th quarter valued at $445,000. 58.91% of the stock is currently owned by institutional investors.

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.