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

Key Points

• Riley Exploration Permian shares hit a new 52-week high of $41.60, last trading at $41.22 versus a prior close of $39.43.
• Analyst sentiment remains positive overall, with three Buy ratings and one Hold rating; the consensus price target is $43.00, though some analysts recently lowered their ratings or targets.
• The company pays a quarterly dividend of $0.40 per share, equivalent to a 3.9% yield, while insiders have sold 20,000 shares worth about $721,765 over the past 90 days.

Riley Exploration Permian, Inc. (NYSE:REPX - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $41.60 and last traded at $41.22, with a volume of 505296 shares. The stock had previously closed at $39.43.

Analyst Ratings Changes

A number of brokerages recently commented on REPX. Zacks Research lowered Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Roth Capital reissued a "buy" rating and set a $45.00 price target on shares of Riley Exploration Permian in a research report on Thursday, July 23rd. Finally, Truist Financial decreased their price objective on shares of Riley Exploration Permian from $47.00 to $41.00 and set a "buy" rating for the company in a research note 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 stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $43.00.

Riley Exploration Permian Price Performance

The stock has a market capitalization of $913.19 million, a PE ratio of 7.31 and a beta of 0.96. 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 stock's fifty day moving average is $35.04 and its 200-day moving average is $34.58.

Riley Exploration Permian Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend was Wednesday, July 29th. Riley Exploration Permian's dividend payout ratio is presently 28.99%.

Insider Activity

In related news, CFO Philip A. Riley sold 4,000 shares of Riley Exploration Permian 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 completion of the transaction, the chief financial officer owned 235,503 shares in the company, valued at $8,857,267.83. The trade was a 1.67% decrease in their position. The sale was disclosed in a document filed 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 Monday, August 10th. The shares were sold at an average price of $35.20, for a total value of $123,200.00. Following the completion of the sale, the insider owned 210,062 shares of the company's stock, valued at $7,394,182.40. This trade represents a 1.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 20,000 shares of company stock worth $721,765 in the last ninety days. Company insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Riley Exploration Permian

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd acquired a new stake in shares of Riley Exploration Permian during the 4th quarter worth about $27,000. Royal Bank of Canada lifted its position in Riley Exploration Permian by 210.9% in the fourth quarter. Royal Bank of Canada now owns 1,138 shares of the company's stock valued at $31,000 after buying an additional 772 shares during the last quarter. Allworth Financial LP acquired a new position in Riley Exploration Permian in the second quarter valued at about $42,000. Quarry LP purchased a new position in Riley Exploration Permian during the third quarter worth about $46,000. Finally, Nykredit A S purchased a new position in Riley Exploration Permian during the second quarter worth about $63,000. 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.

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