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

Riley Exploration Permian (NYSE:REPX) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

A number of other equities analysts also recently issued reports on REPX. Roth Capital assumed coverage on Riley Exploration Permian in a research report on Monday, October 13th. They set a “buy” rating and a $36.00 price target on the stock. William Blair assumed coverage on shares of Riley Exploration Permian in a research note on Friday, November 21st. They issued an “outperform” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, Riley Exploration Permian currently has an average rating of “Strong Buy” and an average price target of $36.00.

Riley Exploration Permian Stock Down 1.9%

Shares of NYSE REPX opened at $27.50 on Thursday. Riley Exploration Permian has a 52-week low of $21.98 and a 52-week high of $37.55. The firm has a market capitalization of $604.15 million, a price-to-earnings ratio of 4.88 and a beta of 1.03. The stock has a 50 day moving average price of $26.52 and a 200 day moving average price of $26.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70.

Riley Exploration Permian declared that its Board of Directors has authorized a stock buyback program on Tuesday, December 16th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 18% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Riley Exploration Permian

In other news, insider Corey Neil Riley sold 3,500 shares of the firm’s 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 directly owned 162,065 shares in the company, valued at $4,030,556.55. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Bobby Riley sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $25.91, for a total value of $518,200.00. Following the completion of the sale, the chief executive officer owned 349,431 shares in the company, valued at approximately $9,053,757.21. This represents a 5.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 36,000 shares of company stock worth $918,370. 4.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Riley Exploration Permian

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its holdings in shares of Riley Exploration Permian by 9.4% in the 3rd quarter. American Century Companies Inc. now owns 581,491 shares of the company’s stock valued at $15,764,000 after buying an additional 49,843 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Riley Exploration Permian by 2.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 488,629 shares of the company’s stock valued at $13,247,000 after purchasing an additional 13,552 shares in the last quarter. Geode Capital Management LLC grew its position in Riley Exploration Permian by 14.9% during the second quarter. Geode Capital Management LLC now owns 319,695 shares of the company’s stock valued at $8,386,000 after buying an additional 41,574 shares during the period. Kennedy Capital Management LLC increased its holdings in Riley Exploration Permian by 15.0% in the third quarter. Kennedy Capital Management LLC now owns 248,663 shares of the company’s stock valued at $6,741,000 after buying an additional 32,522 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of Riley Exploration Permian by 19.3% during the 3rd quarter. Mackenzie Financial Corp now owns 145,274 shares of the company’s stock worth $3,938,000 after acquiring an additional 23,543 shares in the last quarter. 58.91% of the stock is owned by institutional investors and hedge funds.

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.