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

Key Points

• Riley Exploration Permian (REPX) hit a new 52-week high, trading up to $35.78 and last at $35.8250 on Tuesday with about 51,877 shares changing hands.
• Analysts have a consensus Buy rating on REPX with a $41.50 average price target, and recent coverage includes Truist initiating at a $47 objective.
• The company authorized a $100 million stock buyback (up to ~18% of shares) and pays a quarterly dividend of $0.40 per share (annualized yield ~4.4%).

Riley Exploration Permian, Inc. (NYSE:REPX - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $35.78 and last traded at $35.8250, with a volume of 51877 shares changing hands. The stock had previously closed at $34.78.

Wall Street Analyst Weigh In

REPX has been the topic of several recent research reports. Truist Financial began coverage on shares of Riley Exploration Permian in a research report on Tuesday. They set a "buy" rating and a $47.00 price objective on the stock. William Blair reissued an "outperform" rating on shares of Riley Exploration Permian in a research report on Thursday, March 5th. Finally, Zacks Research lowered shares of Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $41.50.

Riley Exploration Permian Price Performance

The stock has a 50 day moving average of $29.41 and a two-hundred day moving average of $27.67. 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 capitalization of $776.52 million, a P/E ratio of 6.38 and a beta of 1.22.

Riley Exploration Permian Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors 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 dividend payout ratio is currently 21.08%.

Riley Exploration Permian announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 16th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 18% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity at Riley Exploration Permian

In other news, insider Corey Neil Riley sold 3,500 shares of the company'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 directly owned 158,565 shares in the company, valued at $4,346,266.65. The trade was a 2.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Bobby Riley sold 12,500 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $27.79, for a total value of $347,375.00. Following the completion of the sale, the chief executive officer directly owned 336,931 shares of the company's stock, valued at $9,363,312.49. This represents a 3.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 4.70% of the company's stock.

Institutional Trading of Riley Exploration Permian

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd acquired a new position in shares of Riley Exploration Permian during the fourth quarter valued at about $27,000. Royal Bank of Canada grew its position in Riley Exploration Permian by 210.9% during the fourth quarter. Royal Bank of Canada now owns 1,138 shares of the company's stock worth $31,000 after buying an additional 772 shares in the last quarter. Quarry LP bought a new position in Riley Exploration Permian during the third quarter valued at about $46,000. Advisory Services Network LLC acquired a new position in Riley Exploration Permian in the 3rd quarter valued at approximately $65,000. Finally, Parkwood LLC acquired a new position in Riley Exploration Permian in the 3rd quarter valued at approximately $68,000. 58.91% of the stock is currently owned by institutional investors and hedge funds.

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.

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