Riley Exploration Permian (NYSE:REPX) Sets New 12-Month High – Should You Buy?

Riley Exploration Permian, Inc. (NYSE:REPX) shares hit a new 52-week high on Friday. The stock traded as high as $45.39 and last traded at $45.2060, with a volume of 15752 shares trading hands. The stock had previously closed at $44.64.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Truist Financial lowered their price objective on Riley Exploration Permian from $47.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Roth Capital restated a “buy” rating and set a $45.00 price objective on shares of Riley Exploration Permian in a report on Thursday, July 23rd. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Riley Exploration Permian currently has an average rating of “Moderate Buy” and an average price target of $43.00.

Riley Exploration Permian Stock Up 2.4%

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 $1.01 billion, a PE ratio of 8.11 and a beta of 1.05. The business has a 50-day moving average price of $39.57 and a 200-day moving average price of $36.80.

Riley Exploration Permian Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 12th. Investors of record on Wednesday, July 29th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Wednesday, July 29th. Riley Exploration Permian’s payout ratio is presently 28.99%.

Insider Buying and Selling

In other news, insider Corey Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction on Monday, August 10th. The stock was sold at an average price of $35.20, for a total transaction of $123,200.00. Following the transaction, the insider owned 210,062 shares in the company, valued at $7,394,182.40. The trade was a 1.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Bobby Riley sold 12,500 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $35.85, for a total transaction of $448,125.00. Following the completion of the transaction, the chief executive officer owned 482,983 shares in the company, valued at $17,314,940.55. The trade was a 2.52% 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. Over the last three months, insiders have sold 20,000 shares of company stock worth $721,765. 4.20% of the stock is owned by insiders.

Institutional Trading of Riley Exploration Permian

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Riley Exploration Permian in the 2nd quarter valued at about $40,302,000. Arrowstreet Capital Limited Partnership boosted its holdings in Riley Exploration Permian by 572.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 608,833 shares of the company’s stock valued at $22,192,000 after purchasing an additional 518,340 shares in the last quarter. First Eagle Investment Management LLC increased its stake in Riley Exploration Permian by 134.0% in the second quarter. First Eagle Investment Management LLC now owns 430,946 shares of the company’s stock valued at $14,204,000 after purchasing an additional 246,798 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Riley Exploration Permian during the second quarter worth approximately $8,021,000. Finally, Denali Advisors LLC lifted its position in shares of Riley Exploration Permian by 1,524.2% during the 2nd quarter. Denali Advisors LLC now owns 228,051 shares of the company’s stock worth $7,517,000 after buying an additional 214,010 shares during the last quarter. 58.91% of the stock is currently owned by hedge funds and other institutional investors.

Riley Exploration Permian Company Profile

Riley Exploration Permian, Inc is an independent oil and natural gas exploration and production company focused on the development of assets in the Permian Basin. The company’s operations are concentrated in southeastern New Mexico and West Texas, where it acquires, develops and produces hydrocarbons from unconventional formations.

Its production portfolio includes crude oil, natural gas liquids and natural gas. Riley Exploration Permian emphasizes the development of operated acreage through horizontal drilling and completion programs, as well as the efficient management of its existing wells and infrastructure.

The company completed its initial public offering in 2021 and its common stock trades on the New York Stock Exchange under the symbol REPX.