Stock Repurchase Program Initiated by Riley Exploration Permian (NYSE:REPX)

Riley Exploration Permian (NYSE:REPX) declared that its board has approved a stock repurchase plan on Tuesday, December 16th, RTT News reports. The company plans to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 18% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on REPX shares. Zacks Research raised Riley Exploration Permian from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 2nd. Roth Capital initiated coverage on shares of Riley Exploration Permian in a research report on Monday, October 13th. They set a “buy” rating and a $36.00 price objective for the company. Finally, William Blair initiated coverage on shares of Riley Exploration Permian in a report on Friday, November 21st. They issued an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Riley Exploration Permian has an average rating of “Buy” and a consensus target price of $41.50.

Riley Exploration Permian Price Performance

Shares of REPX stock traded down $1.22 on Tuesday, hitting $25.34. 240,461 shares of the company’s stock were exchanged, compared to its average volume of 113,147. The company has a 50 day moving average of $26.62 and a 200 day moving average of $27.09. The stock has a market cap of $556.69 million, a P/E ratio of 4.49 and a beta of 1.02. 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 12 month low of $21.98 and a 12 month high of $37.55.

Riley Exploration Permian Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 6th. Investors of record on Tuesday, October 21st were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, October 21st. This represents a $1.60 dividend on an annualized basis and a yield of 6.3%. This is an increase from Riley Exploration Permian’s previous quarterly dividend of $0.38. Riley Exploration Permian’s dividend payout ratio is presently 39.12%.

Insider Transactions at Riley Exploration Permian

In related news, CEO Bobby Riley sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $25.05, for a total value of $313,125.00. Following the completion of the transaction, the chief executive officer owned 369,431 shares in the company, valued at $9,254,246.55. This trade represents a 3.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Corey Neil Riley sold 3,500 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $24.87, for a total transaction of $87,045.00. Following the sale, the insider directly owned 162,065 shares in the company, valued at $4,030,556.55. The trade was a 2.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.70% of the stock is owned by corporate insiders.

About Riley Exploration Permian

Riley Exploration Permian, Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in Texas and New Mexico. The company's activities are primarily focused on the Northwest Shelf and Yeso trend of the Permian Basin.