Riley Exploration Permian (NYSE:REPX) Stock Price Up 6.9% – Here’s Why

Riley Exploration Permian, Inc. (NYSE:REPX)’s stock price shot up 6.9% during mid-day trading on Tuesday . The stock traded as high as $39.92 and last traded at $40.3260. 147,044 shares were traded during mid-day trading, a decline of 60% from the average session volume of 369,892 shares. The stock had previously closed at $37.71.

Wall Street Analysts Forecast Growth

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

Riley Exploration Permian Price Performance

The company has a market cap of $891.40 million, a price-to-earnings ratio of 7.30 and a beta of 0.93. The company has a fifty day simple moving average of $35.63 and a two-hundred day simple moving average of $30.06. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53.

Riley Exploration Permian Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 13th. Shareholders of record on Wednesday, April 29th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.9%. The ex-dividend date was Wednesday, April 29th. Riley Exploration Permian’s dividend payout ratio (DPR) is 56.14%.

Insider Transactions at Riley Exploration Permian

In other Riley Exploration Permian news, insider Corey Neil Riley sold 3,500 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $34.37, for a total value of $120,295.00. Following the sale, the insider owned 148,472 shares of the company’s stock, valued at $5,102,982.64. This represents 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 accessible through 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 that occurred on Monday, May 11th. The stock was sold at an average price of $34.45, for a total value of $430,625.00. Following the transaction, the chief executive officer owned 313,020 shares of the company’s stock, valued at $10,783,539. This represents a 3.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.20% of the company’s stock.

Institutional Trading of Riley Exploration Permian

A number of large investors have recently made changes to their positions in REPX. Denali Advisors LLC boosted its stake in shares of Riley Exploration Permian by 211.8% during 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 last quarter. TrueMark Investments LLC acquired a new position in shares of Riley Exploration Permian in the third quarter valued at approximately $3,027,000. Kennondale Capital Management LLC raised its position in shares of Riley Exploration Permian by 118.9% in the third quarter. Kennondale Capital Management LLC now owns 75,667 shares of the company’s stock valued at $2,051,000 after buying an additional 41,095 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Riley Exploration Permian by 9.4% during the third quarter. American Century Companies Inc. now owns 581,491 shares of the company’s stock valued at $15,764,000 after buying an additional 49,843 shares during the period. Finally, Cannell & Spears LLC purchased a new position in shares of Riley Exploration Permian during the third quarter valued at approximately $2,224,000. Institutional investors and hedge funds own 58.91% of the company’s stock.

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.