Riley Exploration Permian’s (REPX) “Buy” Rating Reaffirmed at Roth Capital

Riley Exploration Permian (NYSE:REPX)‘s stock had its “buy” rating reiterated by equities researchers at Roth Capital in a report released on Thursday,Benzinga reports. They currently have a $45.00 price objective on the stock. Roth Capital’s price target would suggest a potential upside of 23.88% from the company’s previous close.

Separately, Zacks Research cut shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $46.00.

Riley Exploration Permian Stock Performance

REPX traded up $0.15 during trading hours on Thursday, reaching $36.33. The company’s stock had a trading volume of 47,521 shares, compared to its average volume of 340,595. Riley Exploration Permian has a 52 week low of $24.08 and a 52 week high of $41.53. The firm has a market cap of $788.11 million, a PE ratio of 6.47 and a beta of 0.91. The company’s 50-day moving average is $34.79 and its 200-day moving average is $32.80. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70.

Insider Activity at Riley Exploration Permian

In other news, insider Corey Neil Riley sold 3,500 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $34.37, for a total transaction of $120,295.00. Following the completion of the transaction, the insider owned 148,472 shares of the company’s stock, valued at approximately $5,102,982.64. This trade represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Bobby Riley sold 12,500 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $34.45, for a total value of $430,625.00. Following the transaction, the chief executive officer directly owned 313,020 shares of the company’s stock, valued at approximately $10,783,539. This represents a 3.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. McAlvany Wealth Management LLC bought a new stake in shares of Riley Exploration Permian in the 4th quarter valued at $943,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Riley Exploration Permian in the 1st quarter worth about $629,000. MQS Management LLC acquired a new stake in shares of Riley Exploration Permian in the 1st quarter worth about $399,000. North Star Investment Management Corp. lifted its position in Riley Exploration Permian by 15.5% in the 1st quarter. North Star Investment Management Corp. now owns 35,800 shares of the company’s stock valued at $1,305,000 after acquiring an additional 4,800 shares in the last quarter. Finally, Montgomery Investment Management Inc. bought a new position in Riley Exploration Permian in the 1st quarter valued at about $231,000. 58.91% of the stock is owned by institutional investors.

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.