Riley Exploration Permian (NYSE:REPX) Hits New 52-Week High on Analyst Upgrade

Riley Exploration Permian, Inc. (NYSE:REPX) shares hit a new 52-week high during trading on Tuesday after Truist Financial upgraded the stock to a strong-buy rating. The company traded as high as $35.78 and last traded at $35.8250, with a volume of 51877 shares traded. The stock had previously closed at $34.78.

A number of other research analysts have also weighed in on the company. Zacks Research lowered 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 analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Riley Exploration Permian has a consensus rating of “Buy” and an average target price of $41.50.

Insider Activity

In related news, CEO Bobby Riley sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $27.79, for a total transaction of $347,375.00. Following the completion of the sale, the chief executive officer owned 336,931 shares of the company’s stock, valued at $9,363,312.49. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Corey Neil Riley sold 3,500 shares of the business’s 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 completion of the transaction, the insider owned 158,565 shares of the company’s stock, valued at approximately $4,346,266.65. The trade was a 2.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.70% of the stock is currently owned by insiders.

Institutional Trading of Riley Exploration Permian

Several institutional investors have recently added to or reduced their stakes in REPX. TrueMark Investments LLC bought a new stake in shares of Riley Exploration Permian in the 3rd quarter worth $3,027,000. Cannell & Spears LLC bought a new position in shares of Riley Exploration Permian during the third quarter valued at $2,224,000. First Trust Advisors LP boosted 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 valued at $3,340,000 after buying an additional 80,099 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Riley Exploration Permian during the second quarter valued at $2,033,000. Finally, Goldman Sachs Group Inc. increased its holdings in Riley Exploration Permian by 131.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 106,720 shares of the company’s stock worth $2,817,000 after buying an additional 60,661 shares in the last quarter. 58.91% of the stock is currently owned by hedge funds and other institutional investors.

Riley Exploration Permian Trading Up 1.0%

The stock has a 50-day simple moving average of $29.74 and a two-hundred day simple moving average of $27.79. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70. The firm has a market cap of $786.55 million, a PE ratio of 6.47 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. Stockholders of record on Thursday, January 22nd were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Thursday, January 22nd. Riley Exploration Permian’s payout ratio is presently 21.08%.

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

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.