Riley Exploration Permian (NYSE:REPX) Raised to Strong-Buy at Zacks Research

Riley Exploration Permian (NYSE:REPX) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other analysts also recently weighed in on the company. William Blair restated 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 set a “buy” rating and a $47.00 target price for the company. Three analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, Riley Exploration Permian currently has an average rating of “Strong Buy” and a consensus target price of $41.50.

Riley Exploration Permian Price Performance

Shares of NYSE:REPX opened at $39.12 on Wednesday. The business has a 50 day moving average price of $31.92 and a 200 day moving average price of $28.54. Riley Exploration Permian has a twelve month low of $22.50 and a twelve month high of $40.00. The company has a market cap of $843.70 million, a price-to-earnings ratio of 6.94 and a beta of 1.10. 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 announced that its Board of Directors has approved a share buyback program 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 programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Corey Neil Riley sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $27.41, for a total transaction of $95,935.00. Following the completion of the transaction, the insider owned 158,565 shares in the company, valued at $4,346,266.65. This trade represents a 2.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Bobby Riley sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $27.79, for a total value of $347,375.00. Following the transaction, the chief executive officer owned 336,931 shares of the company’s stock, valued at $9,363,312.49. This trade represents a 3.58% decrease in their position. The SEC filing for this sale provides additional information. 3.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Riley Exploration Permian

Several hedge funds and other institutional investors have recently modified their holdings of REPX. Aster Capital Management DIFC Ltd bought a new position in shares of Riley Exploration Permian during the 4th quarter worth approximately $27,000. Royal Bank of Canada lifted its position in shares of Riley Exploration Permian by 210.9% during the 4th quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock worth $31,000 after buying an additional 772 shares during the period. Quarry LP bought a new position in shares of Riley Exploration Permian during the 3rd quarter worth approximately $46,000. Advisory Services Network LLC bought a new position in shares of Riley Exploration Permian during the 3rd quarter worth approximately $65,000. Finally, Parkwood LLC bought a new position in shares of Riley Exploration Permian during the 3rd quarter worth approximately $68,000. Institutional investors own 58.91% of the company’s stock.

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.