Riley Exploration Permian (NYSE:REPX) Upgraded to Strong-Buy at Truist Financial

Truist Financial upgraded shares of Riley Exploration Permian (NYSE:REPX) to a strong-buy rating in a report published on Monday morning,Zacks.com reports.

REPX has been the topic of several other research reports. William Blair restated an “outperform” rating on shares of Riley Exploration Permian in a research note on Thursday, March 5th. Zacks Research cut shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $41.50.

Riley Exploration Permian Trading Up 3.8%

Riley Exploration Permian stock opened at $36.11 on Monday. 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 has a one year low of $21.98 and a one year high of $36.40. The stock has a market capitalization of $778.78 million, a PE ratio of 6.40 and a beta of 1.22. The business’s fifty day moving average is $29.58 and its 200 day moving average is $27.73.

Riley Exploration Permian Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Thursday, January 22nd were issued a $0.40 dividend. The ex-dividend date of this dividend was Thursday, January 22nd. This represents a $1.60 annualized dividend and a dividend yield of 4.4%. Riley Exploration Permian’s payout ratio is presently 21.08%.

Riley Exploration Permian announced that its board has approved a share repurchase plan on Tuesday, December 16th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 18% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Riley Exploration Permian

In other Riley Exploration Permian 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 value of $347,375.00. Following the transaction, 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 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. 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 directly owned 158,565 shares in the company, valued at $4,346,266.65. The trade was a 2.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Riley Exploration Permian

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd purchased a new stake in Riley Exploration Permian during the first quarter valued at approximately $249,000. Empowered Funds LLC raised its position in Riley Exploration Permian by 1.8% in the first quarter. Empowered Funds LLC now owns 31,549 shares of the company’s stock worth $920,000 after acquiring an additional 562 shares during the period. Jane Street Group LLC purchased a new position in shares of Riley Exploration Permian during the 1st quarter worth $431,000. Geode Capital Management LLC boosted its stake 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 worth $8,386,000 after acquiring an additional 41,574 shares during the last quarter. Finally, Magnetar Financial LLC bought a new stake in shares of Riley Exploration Permian during the 2nd quarter valued at $216,000. Hedge funds and other institutional investors own 58.91% of the company’s stock.

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.