Riley Exploration Permian (NYSE:REPX) Shares Down 5.5% – Here’s Why

Riley Exploration Permian, Inc. (NYSE:REPX)’s stock price was down 5.5% during trading on Wednesday . The company traded as low as $34.70 and last traded at $34.46. Approximately 32,368 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 325,314 shares. The stock had previously closed at $36.45.

Wall Street Analyst Weigh In

REPX has been the topic of several research reports. Truist Financial began coverage on Riley Exploration Permian in a research note on Tuesday, March 24th. They set a “buy” rating and a $47.00 price objective on the stock. Zacks Research lowered Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 13th. Finally, William Blair reaffirmed an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Riley Exploration Permian currently has a consensus rating of “Buy” and an average price target of $41.50.

Riley Exploration Permian Stock Performance

The stock has a market capitalization of $775.23 million, a P/E ratio of 6.37 and a beta of 1.22. The stock has a 50 day moving average of $30.50 and a 200 day moving average of $28.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70.

Riley Exploration Permian Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors 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 yield of 4.5%. Riley Exploration Permian’s dividend payout ratio (DPR) is currently 21.08%.

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

Insider Transactions at Riley Exploration Permian

In other news, CEO Bobby Riley sold 12,500 shares of Riley Exploration Permian stock in a transaction that occurred on 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. The trade was a 3.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Corey Neil Riley sold 3,500 shares of the business’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $27.41, for a total value of $95,935.00. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 4.70% of the company’s stock.

Institutional Trading of Riley Exploration Permian

Several large investors have recently added to or reduced their stakes in REPX. TrueMark Investments LLC acquired a new position in Riley Exploration Permian during the 3rd quarter worth $3,027,000. Cannell & Spears LLC bought a new stake in shares of Riley Exploration Permian during the third quarter valued at about $2,224,000. First Trust Advisors LP raised its stake in shares of Riley Exploration Permian by 172.6% during the fourth quarter. First Trust Advisors LP now owns 126,507 shares of the company’s stock valued at $3,340,000 after purchasing an additional 80,099 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Riley Exploration Permian in the second quarter worth about $2,033,000. Finally, Goldman Sachs Group Inc. grew its position in Riley Exploration Permian by 131.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 106,720 shares of the company’s stock valued at $2,817,000 after buying an additional 60,661 shares in the last quarter. 58.91% of the stock is currently owned by institutional investors and hedge funds.

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.