Riley Exploration Permian (NYSE:REPX) Sets New 1-Year High – Here’s What Happened

Riley Exploration Permian, Inc. (NYSE:REPX)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $42.11 and last traded at $42.72, with a volume of 342925 shares changing hands. The stock had previously closed at $41.93.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on REPX shares. 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. Roth Capital reaffirmed a “buy” rating and set a $45.00 price objective on shares of Riley Exploration Permian in a research note on Thursday, July 23rd. Finally, Truist Financial reduced their target price on Riley Exploration Permian from $47.00 to $41.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Riley Exploration Permian has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Riley Exploration Permian Price Performance

The company’s 50-day moving average price is $35.74 and its 200-day moving average price is $34.99. 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 cap of $950.41 million, a P/E ratio of 7.57 and a beta of 0.96.

Riley Exploration Permian Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 12th. Shareholders of record on Wednesday, July 29th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Wednesday, July 29th. Riley Exploration Permian’s dividend payout ratio is 28.99%.

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 dated Monday, August 10th. The stock was sold at an average price of $35.85, for a total value of $448,125.00. Following the sale, the chief executive officer directly owned 482,983 shares in the company, valued at $17,314,940.55. The trade was a 2.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philip Riley sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $37.61, for a total value of $150,440.00. Following the transaction, the chief financial officer directly owned 235,503 shares of the company’s stock, valued at $8,857,267.83. This represents a 1.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,000 shares of company stock valued at $721,765 in the last 90 days. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of Riley Exploration Permian

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd bought a new position in Riley Exploration Permian in the first quarter valued at $249,000. Empowered Funds LLC boosted its stake in shares of Riley Exploration Permian by 1.8% during the 1st quarter. Empowered Funds LLC now owns 31,549 shares of the company’s stock worth $920,000 after buying an additional 562 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Riley Exploration Permian during the 1st quarter worth about $431,000. JPMorgan Chase & Co. grew its holdings in shares of Riley Exploration Permian by 27.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,438 shares of the company’s stock valued at $195,000 after acquiring an additional 1,586 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Riley Exploration Permian by 17.2% in the 2nd quarter. Rhumbline Advisers now owns 19,052 shares of the company’s stock valued at $500,000 after acquiring an additional 2,802 shares in the last quarter. 58.91% of the stock is currently owned by institutional investors and hedge funds.

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.