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

Key Points

• Riley Exploration Permian (NYSE:REPX) was upgraded by Zacks Research from "hold" to "strong‑buy," and MarketBeat's consensus rates the stock as a Strong Buy with an average target price of $41.50 (Truist's target: $47).
• The company's Board approved a $100 million share repurchase program that can cover up to 18% of outstanding shares, signaling management believes the stock may be undervalued.
• Insiders sold shares in February (CEO Bobby Riley sold 12,500 shares and Corey Neil Riley sold 3,500), reducing their ownership to 3.90%, while institutional investors hold about 58.9% of the stock.

Riley Exploration Permian (NYSE:REPX - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Wednesday,Zacks.com reports.

A number of other research analysts have also recently issued reports on the company. William Blair reissued an "outperform" rating on shares of Riley Exploration Permian in a research note on Thursday, March 5th. Truist Financial assumed coverage on Riley Exploration Permian in a research note on Tuesday, March 24th. They issued a "buy" rating and a $47.00 target price for the company. Three research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and an average target price of $41.50.

Riley Exploration Permian Stock Down 0.3%

NYSE:REPX opened at $39.12 on Wednesday. Riley Exploration Permian has a 1 year low of $22.50 and a 1 year high of $40.00. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.53. The stock has a market cap of $843.70 million, a price-to-earnings ratio of 6.94 and a beta of 1.10. The stock has a 50-day moving average price of $31.92 and a two-hundred day moving average price of $28.54.

Riley Exploration Permian announced that its Board of Directors has approved a share repurchase plan on Tuesday, December 16th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 18% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Transactions at Riley Exploration Permian

In other news, insider Corey Neil Riley sold 3,500 shares of the business's stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $27.41, for a total value of $95,935.00. Following the sale, 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 document filed with the SEC, which is available at the SEC website. Also, CEO Bobby Riley sold 12,500 shares of the business's stock in a transaction dated 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 owned 336,931 shares in the company, valued at approximately $9,363,312.49. This trade represents a 3.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 3.90% of the company's stock.

Institutional Trading of Riley Exploration Permian

Institutional investors and hedge funds have recently bought and sold shares of the stock. Denali Advisors LLC raised its holdings in Riley Exploration Permian by 211.8% during the third quarter. Denali Advisors LLC now owns 88,495 shares of the company's stock worth $2,399,000 after acquiring an additional 60,110 shares in the last quarter. TrueMark Investments LLC bought a new stake in Riley Exploration Permian during the third quarter worth about $3,027,000. Kennondale Capital Management LLC raised its holdings in Riley Exploration Permian by 118.9% during the third quarter. Kennondale Capital Management LLC now owns 75,667 shares of the company's stock worth $2,051,000 after acquiring an additional 41,095 shares in the last quarter. American Century Companies Inc. raised its holdings in Riley Exploration Permian by 9.4% during the third quarter. American Century Companies Inc. now owns 581,491 shares of the company's stock worth $15,764,000 after acquiring an additional 49,843 shares in the last quarter. Finally, Cannell & Spears LLC bought a new stake in Riley Exploration Permian during the third quarter worth about $2,224,000. 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.

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