Riley Exploration Permian (NYSE:REPX) Insider Corey Neil Riley Sells 3,500 Shares

Riley Exploration Permian, Inc. (NYSE:REPX) insider Corey Neil Riley sold 3,500 shares of the company’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $27.41, for a total transaction of $95,935.00. Following the transaction, the insider owned 158,565 shares in the company, valued at approximately $4,346,266.65. The trade was a 2.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Riley Exploration Permian Trading Up 3.8%

Shares of Riley Exploration Permian stock traded up $1.01 during trading on Friday, reaching $27.76. 148,232 shares of the company were exchanged, compared to its average volume of 248,098. The business has a 50-day moving average price of $26.98 and a 200-day moving average price of $27.04. The firm has a market capitalization of $609.86 million, a price-to-earnings ratio of 4.92 and a beta of 1.22. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53. Riley Exploration Permian, Inc. has a twelve month low of $21.98 and a twelve month high of $36.18.

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 shares. This repurchase authorization permits the company to buy 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.

Riley Exploration Permian Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Thursday, January 22nd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, January 22nd. This represents a $1.60 annualized dividend and a yield of 5.8%. Riley Exploration Permian’s dividend payout ratio is 39.12%.

Institutional Trading of Riley Exploration Permian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in REPX. TrueMark Investments LLC bought a new position in Riley Exploration Permian in the 3rd quarter valued at $3,027,000. Cannell & Spears LLC purchased a new position in Riley Exploration Permian during the 3rd quarter valued at about $2,224,000. First Trust Advisors LP increased its holdings in Riley Exploration Permian by 172.6% during the 4th quarter. First Trust Advisors LP now owns 126,507 shares of the company’s stock worth $3,340,000 after acquiring an additional 80,099 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Riley Exploration Permian in the second quarter worth $2,033,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Riley Exploration Permian by 131.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 106,720 shares of the company’s stock valued at $2,817,000 after acquiring an additional 60,661 shares in the last quarter. 58.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. William Blair started coverage on shares of Riley Exploration Permian in a research report on Friday, November 21st. They issued an “outperform” rating on the stock. Zacks Research raised Riley Exploration Permian from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 15th. Two analysts have rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. Based on data from MarketBeat.com, Riley Exploration Permian currently has a consensus rating of “Strong Buy” and a consensus target price of $36.00.

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.