Riley Exploration Permian (NYSE:REPX) Reaches New 1-Year High – Still a Buy?

Riley Exploration Permian, Inc. (NYSE:REPX)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $34.11 and last traded at $33.6050, with a volume of 187976 shares traded. The stock had previously closed at $33.30.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on REPX shares. William Blair reaffirmed an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. Zacks Research cut Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Riley Exploration Permian currently has a consensus rating of “Buy” and an average target price of $36.00.

Riley Exploration Permian Trading Up 1.6%

The company has a market cap of $729.33 million, a PE ratio of 5.97 and a beta of 1.22. The company’s 50 day simple moving average is $28.11 and its two-hundred day simple moving average is $27.41. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.70 and a quick ratio of 0.64.

Riley Exploration Permian Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Thursday, January 22nd were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.7%. The ex-dividend date was Thursday, January 22nd. Riley Exploration Permian’s dividend payout ratio (DPR) is 21.08%.

Riley Exploration Permian announced that its board has authorized a stock buyback plan on Tuesday, December 16th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 18% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Bobby Riley sold 20,000 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $25.91, for a total value of $518,200.00. Following the sale, the chief executive officer directly owned 349,431 shares in the company, valued at approximately $9,053,757.21. This trade represents a 5.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Corey Neil Riley sold 3,500 shares of the company’s stock in a transaction on Thursday, February 12th. The shares were 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 of the company’s stock, valued at $4,346,266.65. This represents a 2.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 36,000 shares of company stock worth $961,510 over the last 90 days. 4.70% of the stock is owned by insiders.

Institutional Trading of Riley Exploration Permian

Several hedge funds have recently made changes to their positions in REPX. Dynamic Technology Lab Private Ltd acquired a new position in Riley Exploration Permian during the first quarter worth $249,000. Empowered Funds LLC grew its holdings in Riley Exploration Permian by 1.8% in the first quarter. Empowered Funds LLC now owns 31,549 shares of the company’s stock valued at $920,000 after purchasing an additional 562 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Riley Exploration Permian in the first quarter valued at $431,000. Geode Capital Management LLC boosted its position in shares of Riley Exploration Permian by 14.9% in the 2nd quarter. Geode Capital Management LLC now owns 319,695 shares of the company’s stock worth $8,386,000 after buying an additional 41,574 shares in the last quarter. Finally, Bailard Inc. grew its stake in Riley Exploration Permian by 11.2% in the 2nd quarter. Bailard Inc. now owns 9,500 shares of the company’s stock valued at $249,000 after acquiring an additional 958 shares during the last quarter. Institutional investors and hedge funds 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.