Riley Exploration Permian (NYSE:REPX) Stock Rating Lowered by Zacks Research

Riley Exploration Permian (NYSE:REPX) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

REPX has been the topic of several other research reports. Truist Financial initiated coverage on Riley Exploration Permian in a report on Tuesday, March 24th. They set a “buy” rating and a $47.00 target price on the stock. William Blair reissued an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. Finally, Roth Mkm reissued a “buy” rating on shares of Riley Exploration Permian in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Riley Exploration Permian presently has a consensus rating of “Buy” and an average price target of $41.50.

Riley Exploration Permian Stock Performance

REPX opened at $35.84 on Monday. The business’s 50 day moving average is $36.28 and its 200-day moving average is $30.59. The stock has a market cap of $777.58 million, a PE ratio of 6.35 and a beta of 0.93. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.53. Riley Exploration Permian has a twelve month low of $24.08 and a twelve month high of $41.53.

Insider Buying and Selling at Riley Exploration Permian

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

Hedge Funds Weigh In On Riley Exploration Permian

Institutional investors and hedge funds have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd purchased a new position in shares of Riley Exploration Permian during the 4th quarter valued at $27,000. Royal Bank of Canada grew its holdings in shares of Riley Exploration Permian by 210.9% during the 4th quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock valued at $31,000 after acquiring an additional 772 shares in the last quarter. Quarry LP purchased a new position in shares of Riley Exploration Permian during the 3rd quarter valued at $46,000. Advisory Services Network LLC purchased a new position in shares of Riley Exploration Permian during the 3rd quarter valued at $65,000. Finally, Parkwood LLC purchased a new position in shares of Riley Exploration Permian during the 3rd quarter valued at $68,000. 58.91% of the stock is currently owned by hedge funds and other institutional investors.

Riley Exploration Permian Company Profile

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.