Riley Exploration Permian (NYSE:REPX) Sets New 1-Year High – What’s Next?

Riley Exploration Permian, Inc. (NYSE:REPX)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $31.68 and last traded at $31.58, with a volume of 314249 shares traded. The stock had previously closed at $29.65.

Analyst Ratings Changes

Several equities analysts recently issued reports on REPX shares. Zacks Research cut shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 13th. William Blair reaffirmed an “outperform” rating on shares of Riley Exploration Permian in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Riley Exploration Permian currently has a consensus rating of “Buy” and an average price target of $36.00.

Riley Exploration Permian Stock Performance

The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $725.20 million, a P/E ratio of 5.85 and a beta of 1.22. The business has a fifty day moving average price of $27.74 and a 200-day moving average price of $27.30.

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 issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Thursday, January 22nd. Riley Exploration Permian’s dividend payout ratio (DPR) is presently 21.08%.

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

Insider Buying and Selling

In related news, CEO Bobby Riley sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $27.79, for a total value of $347,375.00. Following the sale, the chief executive officer owned 336,931 shares in the company, valued at approximately $9,363,312.49. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $27.41, for a total transaction of $95,935.00. Following the completion of the sale, the insider directly owned 158,565 shares of the company’s stock, valued at approximately $4,346,266.65. This trade represents a 2.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 36,000 shares of company stock valued at $961,510 over the last quarter. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Riley Exploration Permian

A number of institutional investors and hedge funds have recently modified their holdings of REPX. Geode Capital Management LLC lifted its holdings in Riley Exploration Permian by 14.9% in 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. TrueMark Investments LLC purchased a new stake in shares of Riley Exploration Permian during the 3rd quarter valued at about $3,027,000. Denali Advisors LLC lifted its stake in shares of Riley Exploration Permian by 211.8% in the 3rd quarter. Denali Advisors LLC now owns 88,495 shares of the company’s stock worth $2,399,000 after purchasing an additional 60,110 shares during the period. American Century Companies Inc. boosted its holdings in shares of 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 buying an additional 47,034 shares during the last quarter. Finally, Mackenzie Financial Corp grew its position in Riley Exploration Permian by 83.5% during the second quarter. Mackenzie Financial Corp now owns 121,731 shares of the company’s stock valued at $3,193,000 after buying an additional 55,400 shares during the period. 58.91% of the stock is currently owned by hedge funds and other 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.