Truist Financial Upgrades Riley Exploration Permian (NYSE:REPX) to Strong-Buy

Riley Exploration Permian (NYSE:REPX) was upgraded by research analysts at Truist Financial to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. 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 reissued an “outperform” rating on shares of Riley Exploration Permian in a research note on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $41.50.

Riley Exploration Permian Trading Up 3.8%

Shares of NYSE:REPX opened at $36.11 on Monday. The business’s 50 day moving average price is $29.58 and its 200-day moving average price is $27.73. Riley Exploration Permian has a 1 year low of $21.98 and a 1 year high of $36.40. The firm has a market capitalization of $778.78 million, a price-to-earnings ratio of 6.40 and a beta of 1.22. 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 announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 16th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 18% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity at Riley Exploration Permian

In related news, 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 transaction, the insider owned 158,565 shares in the company, valued at approximately $4,346,266.65. This trade represents a 2.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Bobby Riley sold 12,500 shares of Riley Exploration Permian stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $27.79, for a total value of $347,375.00. Following the transaction, the chief executive officer owned 336,931 shares in the company, valued at approximately $9,363,312.49. The trade was a 3.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.70% of the company’s stock.

Institutional Trading of Riley Exploration Permian

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. TrueMark Investments LLC purchased a new position in shares of Riley Exploration Permian during the 3rd quarter worth $3,027,000. Cannell & Spears LLC acquired a new stake in Riley Exploration Permian during the third quarter worth about $2,224,000. First Trust Advisors LP increased its position in 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 during the last quarter. Raymond James Financial Inc. purchased a new position in Riley Exploration Permian during the second quarter worth about $2,033,000. Finally, Goldman Sachs Group Inc. raised its stake in Riley Exploration Permian by 131.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 106,720 shares of the company’s stock worth $2,817,000 after purchasing an additional 60,661 shares during the period. 58.91% of the stock is owned by institutional investors and hedge funds.

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.