Riley Exploration Permian (NYSE:REPX) Trading Up 4% - Still a Buy?

Key Points

• Riley Exploration Permian shares rose 4% on Monday, trading as high as $34.76 after closing at $33.13 the prior session, though volume was below average.
• Analyst sentiment remains constructive overall, with a consensus Buy rating and an average price target of $41.50, even after Zacks downgraded the stock from Strong Buy to Hold.
• Recent filings showed CEO Bobby Riley and insider Corey Neil Riley sold shares under pre-arranged 10b5-1 plans, while institutional investors continued to build positions and now own 58.91% of the company.

Riley Exploration Permian, Inc. (NYSE:REPX - Get Free Report)'s share price was up 4% during trading on Monday . The stock traded as high as $34.76 and last traded at $34.47. Approximately 246,609 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 352,533 shares. The stock had previously closed at $33.13.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Truist Financial began coverage on Riley Exploration Permian in a research report on Tuesday, March 24th. They issued a "buy" rating and a $47.00 price objective for the company. Roth Capital restated a "buy" rating on shares of Riley Exploration Permian in a research report on Thursday, April 30th. Finally, Zacks Research lowered Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 25th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $41.50.

Riley Exploration Permian Stock Up 4.0%

The firm has a market cap of $747.86 million, a price-to-earnings ratio of 6.11 and a beta of 0.91. The business's 50-day moving average is $34.79 and its 200-day moving average is $32.37. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70.

Insider Buying and Selling

In other news, CEO Bobby Riley sold 12,500 shares of Riley Exploration Permian stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $34.45, for a total value of $430,625.00. Following the completion of the transaction, the chief executive officer owned 313,020 shares in the company, valued at approximately $10,783,539. The trade was a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Corey Neil Riley sold 3,500 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $34.37, for a total value of $120,295.00. Following the sale, the insider owned 148,472 shares in the company, valued at approximately $5,102,982.64. This trade represents a 2.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On Riley Exploration Permian

A number of institutional investors and hedge funds have recently bought and sold shares of REPX. Pacer Advisors Inc. acquired a new stake in shares of Riley Exploration Permian in the first quarter valued at $2,917,000. Bank of America Corp DE lifted its position in Riley Exploration Permian by 608.2% during the 1st quarter. Bank of America Corp DE now owns 196,032 shares of the company's stock worth $7,145,000 after buying an additional 168,352 shares in the last quarter. Empowered Funds LLC lifted its position in Riley Exploration Permian by 73.1% during the 1st quarter. Empowered Funds LLC now owns 53,949 shares of the company's stock worth $1,966,000 after buying an additional 22,779 shares in the last quarter. Quantinno Capital Management LP grew its holdings in Riley Exploration Permian by 104.0% during the 1st quarter. Quantinno Capital Management LP now owns 31,075 shares of the company's stock worth $1,133,000 after acquiring an additional 15,845 shares during the last quarter. Finally, Lazard Asset Management LLC grew its holdings in Riley Exploration Permian by 567.8% during the 1st quarter. Lazard Asset Management LLC now owns 79,098 shares of the company's stock worth $2,883,000 after acquiring an additional 67,254 shares during the last quarter. 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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