Riley Exploration Permian (NYSE:REPX) Trading Down 6% – Time to Sell?

Riley Exploration Permian, Inc. (NYSE:REPX) traded down 6% on Tuesday . The company traded as low as $36.27 and last traded at $36.27. 150,444 shares were traded during mid-day trading, a decline of 60% from the average session volume of 376,875 shares. The stock had previously closed at $38.60.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Truist Financial assumed coverage on Riley Exploration Permian in a report on Tuesday, March 24th. They issued a “buy” rating and a $47.00 price target for the company. Zacks Research raised Riley Exploration Permian from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 8th. William Blair reissued an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. Finally, Roth Mkm reissued a “buy” rating on shares of Riley Exploration Permian in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating and two have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Strong Buy” and an average target price of $41.50.

Riley Exploration Permian Stock Performance

The firm has a market cap of $777.58 million, a PE ratio of 6.35 and a beta of 0.93. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.70 and a quick ratio of 0.64. The stock has a 50-day moving average price of $36.23 and a 200 day moving average price of $30.52.

Riley Exploration Permian Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 13th. Stockholders of record on Wednesday, April 29th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, April 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.5%. Riley Exploration Permian’s payout ratio is currently 56.14%.

Insiders Place Their Bets

In other news, insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction on Monday, May 11th. The stock was sold at an average price of $34.37, for a total value of $120,295.00. Following the completion of the sale, the insider owned 148,472 shares of the company’s stock, valued at $5,102,982.64. The trade was a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Bobby Riley sold 12,500 shares of Riley Exploration Permian stock in a transaction on Monday, May 11th. The shares were sold at an average price of $34.45, for a total value of $430,625.00. Following the completion of the sale, the chief executive officer directly owned 313,020 shares of the company’s stock, valued at approximately $10,783,539. This represents a 3.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Riley Exploration Permian

A number of institutional investors have recently added to or reduced their stakes in REPX. Arrowstreet Capital Limited Partnership grew its position in Riley Exploration Permian by 572.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 608,833 shares of the company’s stock valued at $22,192,000 after acquiring an additional 518,340 shares during the period. Bank of America Corp DE grew its position in Riley Exploration Permian by 608.2% during the first quarter. Bank of America Corp DE now owns 196,032 shares of the company’s stock valued at $7,145,000 after acquiring an additional 168,352 shares during the period. Cannell & Spears LLC purchased a new stake in Riley Exploration Permian during the third quarter valued at about $2,224,000. Renaissance Technologies LLC grew its position in Riley Exploration Permian by 134.5% during the first quarter. Renaissance Technologies LLC now owns 142,100 shares of the company’s stock valued at $5,180,000 after acquiring an additional 81,500 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Riley Exploration Permian by 15.1% during the first quarter. Dimensional Fund Advisors LP now owns 616,564 shares of the company’s stock valued at $22,474,000 after acquiring an additional 80,770 shares during the period. 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.