Riley Exploration Permian (NYSE:REPX) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Riley Exploration Permian (NYSE:REPX) from a hold rating to a strong-buy rating in a research note released on Thursday morning,Zacks.com reports.

Several other research firms have also commented on REPX. William Blair initiated coverage on shares of Riley Exploration Permian in a report on Friday, November 21st. They issued an “outperform” rating for the company. Roth Capital initiated coverage on shares of Riley Exploration Permian in a report on Monday, October 13th. They issued a “buy” rating and a $36.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Strong Buy” and an average price target of $36.00.

Riley Exploration Permian Stock Performance

Riley Exploration Permian stock opened at $27.50 on Thursday. 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 12 month low of $21.98 and a 12 month high of $37.55. The company has a fifty day moving average price of $26.52 and a two-hundred day moving average price of $26.93. The company has a market cap of $604.15 million, a PE ratio of 4.88 and a beta of 1.03.

Riley Exploration Permian Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Investors of record on Thursday, January 22nd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend is Thursday, January 22nd. Riley Exploration Permian’s dividend payout ratio (DPR) is 39.12%.

Riley Exploration Permian announced that its board has authorized a share buyback program on Tuesday, December 16th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 18% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Riley Exploration Permian

In other news, CEO Bobby Riley sold 20,000 shares of Riley Exploration Permian stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $25.91, for a total transaction of $518,200.00. Following the sale, the chief executive officer owned 349,431 shares of the company’s stock, valued at approximately $9,053,757.21. The trade was a 5.41% 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 Friday, November 7th. The stock was sold at an average price of $24.87, for a total value of $87,045.00. Following the transaction, the insider owned 162,065 shares of the company’s stock, valued at approximately $4,030,556.55. This represents a 2.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,000 shares of company stock valued at $918,370 over the last three months. 4.70% of the stock is currently owned by company insiders.

Institutional Trading of Riley Exploration Permian

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in shares of Riley Exploration Permian by 14.9% during the second 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. American Century Companies Inc. lifted its position in Riley Exploration Permian by 9.7% in the second quarter. American Century Companies Inc. now owns 531,648 shares of the company’s stock worth $13,945,000 after purchasing an additional 47,034 shares during the period. Mackenzie Financial Corp boosted its stake in Riley Exploration Permian by 83.5% during the 2nd quarter. Mackenzie Financial Corp now owns 121,731 shares of the company’s stock valued at $3,193,000 after purchasing an additional 55,400 shares in the last quarter. Brandywine Global Investment Management LLC increased its position in shares of Riley Exploration Permian by 21.0% during the 2nd quarter. Brandywine Global Investment Management LLC now owns 94,760 shares of the company’s stock valued at $2,486,000 after purchasing an additional 16,460 shares during the period. Finally, Dynamic Technology Lab Private Ltd increased its position in shares of Riley Exploration Permian by 142.6% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 20,728 shares of the company’s stock valued at $544,000 after purchasing an additional 12,184 shares during the period. 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.