Riley Exploration Permian (NYSE:REPX) to Repurchase $100.00 million in Stock

Riley Exploration Permian (NYSE:REPX) announced that its board has initiated a stock repurchase program on Tuesday, December 16th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 18% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts recently commented on REPX shares. Roth Capital initiated coverage on Riley Exploration Permian in a report on Monday, October 13th. They issued a “buy” rating and a $36.00 price target on the stock. William Blair began coverage on shares of Riley Exploration Permian in a research report on Friday, November 21st. They set an “outperform” rating on the stock. Finally, Zacks Research raised shares of Riley Exploration Permian from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $41.50.

Riley Exploration Permian Stock Down 2.6%

Shares of REPX opened at $26.07 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.70 and a quick ratio of 0.64. The stock has a market capitalization of $572.73 million, a price-to-earnings ratio of 4.62 and a beta of 1.02. Riley Exploration Permian has a 1 year low of $21.98 and a 1 year high of $37.55. The business’s 50 day simple moving average is $26.57 and its 200-day simple moving average is $27.08.

Riley Exploration Permian Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 6th. Shareholders of record on Tuesday, October 21st were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend was Tuesday, October 21st. This is an increase from Riley Exploration Permian’s previous quarterly dividend of $0.38. Riley Exploration Permian’s dividend payout ratio is 39.12%.

Insider Transactions at Riley Exploration Permian

In related news, insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $24.87, for a total value of $87,045.00. Following the completion of the transaction, the insider owned 162,065 shares in the company, valued at approximately $4,030,556.55. This trade represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Bobby Riley sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $25.05, for a total value of $313,125.00. Following the sale, the chief executive officer directly owned 369,431 shares in the company, valued at $9,254,246.55. The trade was a 3.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 4.70% of the company’s stock.

Riley Exploration Permian Company Profile

Riley Exploration Permian, Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in Texas and New Mexico. The company's activities are primarily focused on the Northwest Shelf and Yeso trend of the Permian Basin.