Riley Exploration Permian (NYSE:REPX) Reaches New 1-Year High - Still a Buy?

Key Points

• Riley Exploration Permian stock hit a new 52-week high, trading as high as $34.11 (last $33.6050) on Thursday with about 187,976 shares changing hands.
• Wall Street sentiment is positive with a consensus Buy rating and an average price target of $36.00 (ratings split: 1 Strong Buy, 1 Buy, 1 Hold), though some firms like Zacks recently downgraded the stock.
• The company has a market cap of $729.3M and a low PE of 5.97, pays a quarterly dividend that annualizes to $1.60 (a 4.7% yield), and has authorized a $100 million share buyback (up to ~18% of shares).

Riley Exploration Permian, Inc. (NYSE:REPX - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $34.11 and last traded at $33.6050, with a volume of 187976 shares changing hands. The stock had previously closed at $33.30.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on REPX. William Blair reaffirmed an "outperform" rating on shares of Riley Exploration Permian in a research report on Thursday, March 5th. Zacks Research downgraded shares of Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $36.00.

Riley Exploration Permian Stock Performance

The company has a market capitalization of $729.33 million, a PE ratio of 5.97 and a beta of 1.22. The business's 50-day moving average is $28.11 and its 200-day moving average is $27.41. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70.

Riley Exploration Permian Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Thursday, January 22nd were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Thursday, January 22nd. Riley Exploration Permian's dividend payout ratio is 21.08%.

Riley Exploration Permian declared that its Board of Directors has initiated a share buyback plan on Tuesday, December 16th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 18% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Insider Transactions at Riley Exploration Permian

In related news, insider Corey Neil Riley sold 3,500 shares of the stock in a transaction dated 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 sale, the insider owned 158,565 shares in the company, valued at approximately $4,346,266.65. This trade represents a 2.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Bobby Riley sold 20,000 shares of the firm's stock in a transaction on Friday, December 19th. The shares were sold at an average price of $25.91, for a total transaction of $518,200.00. Following the transaction, the chief executive officer directly owned 349,431 shares of the company's stock, valued at $9,053,757.21. The trade was a 5.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 36,000 shares of company stock valued at $961,510. Corporate insiders own 4.70% of the company's stock.

Institutional Trading of Riley Exploration Permian

Institutional investors and hedge funds have recently modified their holdings of the stock. American Century Companies Inc. boosted its holdings in shares of Riley Exploration Permian by 9.4% in the 3rd quarter. American Century Companies Inc. now owns 581,491 shares of the company's stock valued at $15,764,000 after buying an additional 49,843 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Riley Exploration Permian by 9.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 535,794 shares of the company's stock valued at $14,146,000 after buying an additional 47,165 shares during the last quarter. Geode Capital Management LLC boosted its position in Riley Exploration Permian by 14.9% in the 2nd quarter. Geode Capital Management LLC now owns 319,695 shares of the company's stock worth $8,386,000 after purchasing an additional 41,574 shares in the last quarter. Kennedy Capital Management LLC increased its holdings in Riley Exploration Permian by 15.0% in the third quarter. Kennedy Capital Management LLC now owns 248,663 shares of the company's stock valued at $6,741,000 after buying an additional 32,522 shares in the last quarter. Finally, State Street Corp grew its holdings in Riley Exploration Permian by 2.5% in the fourth quarter. State Street Corp now owns 230,024 shares of the company's stock valued at $6,073,000 after purchasing an additional 5,512 shares during the period. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.