Riley Exploration Permian (NYSE:REPX) Reaches New 12-Month High – Time to Buy?

Riley Exploration Permian, Inc. (NYSE:REPX)’s share price hit a new 52-week high on Thursday . The stock traded as high as $34.11 and last traded at $33.6050, with a volume of 187976 shares. The stock had previously closed at $33.30.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on REPX shares. William Blair reaffirmed an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. Zacks Research downgraded Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $36.00.

Riley Exploration Permian Stock Performance

The stock has a 50 day moving average price of $28.39 and a two-hundred day moving average price of $27.48. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.70 and a quick ratio of 0.64. The company has a market capitalization of $716.02 million, a price-to-earnings ratio of 5.89 and a beta of 1.22.

Riley Exploration Permian Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Thursday, January 22nd were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.8%. The ex-dividend date was Thursday, January 22nd. Riley Exploration Permian’s dividend payout ratio (DPR) is presently 21.08%.

Riley Exploration Permian announced that its board has authorized a stock repurchase plan on Tuesday, December 16th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 18% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Riley Exploration Permian

In other news, insider Corey Neil Riley sold 3,500 shares of the stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $27.41, for a total transaction of $95,935.00. Following the sale, the insider directly owned 158,565 shares of the company’s stock, valued at $4,346,266.65. This represents a 2.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Bobby Riley sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $25.91, for a total transaction of $518,200.00. Following the completion of the sale, the chief executive officer directly owned 349,431 shares of the company’s stock, valued at approximately $9,053,757.21. This represents a 5.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 36,000 shares of company stock valued at $961,510. Insiders own 4.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Aster Capital Management DIFC Ltd bought a new position in Riley Exploration Permian in the 4th quarter valued at $27,000. Royal Bank of Canada raised its position in shares of Riley Exploration Permian by 210.9% during the fourth quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock worth $31,000 after acquiring an additional 772 shares during the last quarter. Quarry LP acquired a new position in shares of Riley Exploration Permian during the third quarter valued at $46,000. Advisory Services Network LLC acquired a new position in shares of Riley Exploration Permian during the third quarter valued at $65,000. Finally, Parkwood LLC bought a new position in Riley Exploration Permian in the third quarter valued at about $68,000. Institutional investors and hedge funds own 58.91% of the company’s stock.

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.