Riley Exploration Permian (NYSE:REPX) Sets New 52-Week High – Here’s What Happened

Shares of Riley Exploration Permian, Inc. (NYSE:REPX) reached a new 52-week high on Tuesday . The stock traded as high as $37.99 and last traded at $37.8350, with a volume of 11217 shares changing hands. The stock had previously closed at $36.84.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Truist Financial assumed coverage on Riley Exploration Permian in a research note on Tuesday, March 24th. They issued 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 note on Friday, February 13th. Finally, William Blair reiterated an “outperform” rating on shares of Riley Exploration Permian in a research note on Thursday, March 5th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $41.50.

Riley Exploration Permian Stock Performance

The firm has a fifty day simple moving average of $31.70 and a 200-day simple moving average of $28.47. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.53. The stock has a market cap of $845.86 million, a price-to-earnings ratio of 6.95 and a beta of 1.10.

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 dividend on an annualized basis and a dividend yield of 4.1%. Riley Exploration Permian’s dividend payout ratio is currently 21.08%.

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

Insiders Place Their Bets

In related news, CEO Bobby Riley sold 12,500 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer owned 336,931 shares in the company, valued at $9,363,312.49. This represents a 3.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Corey Neil Riley sold 3,500 shares of the 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 transaction, the insider 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. The disclosure for this sale is available in the SEC filing. 3.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Riley Exploration Permian

Several hedge funds have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd bought a new position in Riley Exploration Permian during the fourth quarter worth about $27,000. Royal Bank of Canada grew its holdings in Riley Exploration Permian by 210.9% during the fourth quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock worth $31,000 after purchasing an additional 772 shares during the period. Quarry LP bought a new position in Riley Exploration Permian during the third quarter worth about $46,000. Advisory Services Network LLC bought a new position in Riley Exploration Permian during the third quarter worth about $65,000. Finally, Parkwood LLC bought a new position in Riley Exploration Permian during the third quarter worth about $68,000. 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.