Riley Exploration Permian (NYSE:REPX) Stock Price Up 6.9% – Here’s Why
by Jessica Moore · The Cerbat GemRiley Exploration Permian, Inc. (NYSE:REPX – Get Free Report) shares rose 6.9% on Tuesday . The company traded as high as $39.92 and last traded at $40.3260. Approximately 147,044 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 369,892 shares. The stock had previously closed at $37.71.
Wall Street Analysts Forecast Growth
REPX has been the topic of a number of research analyst reports. Truist Financial began coverage on Riley Exploration Permian in a research report on Tuesday, March 24th. They set a “buy” rating and a $47.00 target price on the stock. William Blair reaffirmed an “outperform” rating on shares of Riley Exploration Permian in a research report on Thursday, March 5th. Zacks Research upgraded Riley Exploration Permian from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 8th. Finally, Roth Mkm reissued a “buy” rating on shares of Riley Exploration Permian in a report on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Strong Buy” and an average price target of $41.50.
Check Out Our Latest Research Report on REPX
Riley Exploration Permian Stock Performance
The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average of $35.63 and a 200-day moving average of $30.06. The stock has a market cap of $891.40 million, a PE ratio of 7.30 and a beta of 0.93.
Riley Exploration Permian Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 13th. Shareholders of record on Wednesday, April 29th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Wednesday, April 29th. Riley Exploration Permian’s dividend payout ratio (DPR) is 56.14%.
Insider Buying and Selling
In other news, insider Corey Neil Riley sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $34.37, for a total transaction of $120,295.00. Following the completion of the sale, the insider owned 148,472 shares in the company, valued at $5,102,982.64. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Bobby Riley sold 12,500 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $34.45, for a total value of $430,625.00. Following the sale, the chief executive officer directly owned 313,020 shares of the company’s stock, valued at approximately $10,783,539. This represents a 3.84% 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. Insiders own 4.20% of the company’s stock.
Institutional Trading of Riley Exploration Permian
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd purchased a new position in Riley Exploration Permian during the fourth quarter worth about $27,000. Royal Bank of Canada increased its position in 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 purchasing an additional 772 shares during the period. Quarry LP purchased a new position in shares of Riley Exploration Permian during the 3rd quarter worth approximately $46,000. Advisory Services Network LLC purchased a new position in shares of Riley Exploration Permian during the 3rd quarter worth approximately $65,000. Finally, Parkwood LLC acquired a new stake in shares of Riley Exploration Permian in the 3rd quarter valued at approximately $68,000. Hedge funds and other institutional investors own 58.91% of the company’s stock.
About Riley Exploration Permian
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.