Zacks Research Downgrades Riley Exploration Permian (NYSE:REPX) to Hold

Riley Exploration Permian (NYSE:REPX) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

REPX has been the subject of a number of other research reports. Truist Financial started coverage on Riley Exploration Permian in a research note on Tuesday, March 24th. They issued a “buy” rating and a $47.00 target price for the company. Roth Mkm restated a “buy” rating on shares of Riley Exploration Permian in a research note on Thursday, April 30th. Finally, William Blair restated an “outperform” rating on shares of Riley Exploration Permian in a research note on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $41.50.

Riley Exploration Permian Price Performance

REPX opened at $35.84 on Monday. The stock’s 50 day simple moving average is $36.28 and its 200 day simple moving average is $30.59. 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 1 year low of $24.08 and a 1 year high of $41.53. The firm has a market cap of $777.58 million, a price-to-earnings ratio of 6.35 and a beta of 0.93.

Insiders Place Their Bets

In other Riley Exploration Permian 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 transaction of $120,295.00. Following the completion of the transaction, the insider owned 148,472 shares in the company, valued at approximately $5,102,982.64. The trade was a 2.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction, the chief executive officer owned 313,020 shares of the company’s stock, valued at $10,783,539. The trade was a 3.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its stake 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 buying an additional 168,352 shares during the last quarter. Empowered Funds LLC increased its holdings in shares of Riley Exploration Permian by 73.1% in the 1st quarter. Empowered Funds LLC now owns 53,949 shares of the company’s stock worth $1,966,000 after purchasing an additional 22,779 shares in the last quarter. Quantinno Capital Management LP increased its holdings in shares of Riley Exploration Permian by 104.0% in the 1st quarter. Quantinno Capital Management LP now owns 31,075 shares of the company’s stock worth $1,133,000 after purchasing an additional 15,845 shares in the last quarter. Lazard Asset Management LLC increased its holdings in shares of Riley Exploration Permian by 567.8% in the 1st quarter. Lazard Asset Management LLC now owns 79,098 shares of the company’s stock worth $2,883,000 after purchasing an additional 67,254 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Riley Exploration Permian by 134.5% in the 1st quarter. Renaissance Technologies LLC now owns 142,100 shares of the company’s stock worth $5,180,000 after purchasing an additional 81,500 shares in the last quarter. Hedge funds and other institutional investors 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.