Roth Capital Reiterates Buy Rating for Riley Exploration Permian (NYSE:REPX)

Key Points

• Roth Capital reiterated a Buy rating on Riley Exploration Permian and kept a $45 price target, implying about 23.9% upside from the prior close.
• The stock traded modestly higher at $36.33 on Thursday, while analyst sentiment remains generally positive with an average Buy rating and a consensus target of $46.
• Recent insider sales by CEO Bobby Riley and insider Corey Neil Riley were disclosed, though both transactions were made under pre-arranged 10b5-1 plans.

Riley Exploration Permian (NYSE:REPX - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Roth Capital in a research report issued on Thursday,Benzinga reports. They presently have a $45.00 target price on the stock. Roth Capital's target price would indicate a potential upside of 23.88% from the company's previous close.

Separately, Zacks Research downgraded shares of Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 25th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Riley Exploration Permian presently has an average rating of "Buy" and an average target price of $46.00.

Riley Exploration Permian Trading Up 0.4%

Shares of REPX stock traded up $0.15 during trading hours on Thursday, reaching $36.33. 47,521 shares of the stock traded hands, compared to its average volume of 340,595. Riley Exploration Permian has a 1-year low of $24.08 and a 1-year high of $41.53. The business has a fifty day moving average price of $34.79 and a 200 day moving average price of $32.80. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $788.11 million, a PE ratio of 6.47 and a beta of 0.91.

Insiders Place Their Bets

In related news, CEO Bobby Riley sold 12,500 shares of the company's stock in a transaction 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 sale, the chief executive officer directly owned 313,020 shares in the company, valued at approximately $10,783,539. This represents a 3.84% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 on Monday, May 11th. The stock was sold at an average price of $34.37, for a total transaction of $120,295.00. Following the transaction, the insider directly owned 148,472 shares in the company, valued at $5,102,982.64. The trade was a 2.30% 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. Corporate 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 REPX. Pacer Advisors Inc. acquired a new position in Riley Exploration Permian during the first quarter worth $2,917,000. Bank of America Corp DE lifted its holdings 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 valued at $7,145,000 after purchasing an additional 168,352 shares during the last quarter. Empowered Funds LLC grew its stake in Riley Exploration Permian by 73.1% during the first 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 during the last quarter. Quantinno Capital Management LP boosted its holdings in shares of Riley Exploration Permian by 104.0% in 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 in the last quarter. Finally, Lazard Asset Management LLC grew its position 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. 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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