Riley Exploration Permian (NYSE:REPX) Sees Unusually-High Trading Volume – Here’s Why

Riley Exploration Permian, Inc. (NYSE:REPX) saw an uptick in trading volume on Friday . 843,436 shares changed hands during trading, an increase of 215% from the previous session’s volume of 267,833 shares.The stock last traded at $32.93 and had previously closed at $32.40.

Wall Street Analyst Weigh In

A number of analysts have issued reports on REPX shares. William Blair reissued an “outperform” rating on shares of Riley Exploration Permian in a research report on Thursday. Zacks Research downgraded Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $36.00.

Riley Exploration Permian Stock Up 2.3%

The firm’s fifty day simple moving average is $27.60 and its 200 day simple moving average is $27.26. 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 company has a market cap of $728.27 million, a price-to-earnings ratio of 5.88 and a beta of 1.22.

Riley Exploration Permian Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Thursday, January 22nd were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Thursday, January 22nd. Riley Exploration Permian’s dividend payout ratio is 21.08%.

Riley Exploration Permian declared that its board has approved a stock repurchase plan on Tuesday, December 16th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 18% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Riley Exploration Permian

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

Institutional Trading of Riley Exploration Permian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TrueMark Investments LLC purchased a new stake in Riley Exploration Permian in the third quarter valued at $3,027,000. Cannell & Spears LLC acquired a new stake in shares of Riley Exploration Permian during the third quarter worth about $2,224,000. First Trust Advisors LP increased its position in shares of Riley Exploration Permian by 172.6% during the fourth quarter. First Trust Advisors LP now owns 126,507 shares of the company’s stock worth $3,340,000 after purchasing an additional 80,099 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Riley Exploration Permian in the 2nd quarter valued at about $2,033,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of Riley Exploration Permian by 131.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 106,720 shares of the company’s stock valued at $2,817,000 after purchasing an additional 60,661 shares during the period. 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.