Riley Exploration Permian (NYSE:REPX) Hits New 1-Year High – Time to Buy?

Riley Exploration Permian, Inc. (NYSE:REPX)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $41.53 and last traded at $41.21, with a volume of 1037798 shares trading hands. The stock had previously closed at $37.71.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Truist Financial assumed coverage on shares of Riley Exploration Permian in a report on Tuesday, March 24th. They issued a “buy” rating and a $47.00 target price on the stock. Zacks Research upgraded shares of Riley Exploration Permian from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 8th. Roth Mkm reiterated a “buy” rating on shares of Riley Exploration Permian in a report on Thursday, April 30th. Finally, William Blair reiterated an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating and two have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Strong Buy” and an average target price of $41.50.

Riley Exploration Permian Stock Performance

The firm’s fifty day moving average price is $36.03 and its 200 day moving average price is $30.34. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $814.03 million, a price-to-earnings ratio of 6.65 and a beta of 0.93.

Riley Exploration Permian Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 13th. Stockholders of record on Wednesday, April 29th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Wednesday, April 29th. Riley Exploration Permian’s dividend payout ratio is currently 56.14%.

Insider Activity at Riley Exploration Permian

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 shares were sold at an average price of $34.37, for a total value of $120,295.00. Following the transaction, the insider directly owned 148,472 shares in the company, valued at approximately $5,102,982.64. This represents a 2.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Bobby Riley sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $34.45, for a total transaction of $430,625.00. Following the completion of the transaction, the chief executive officer owned 313,020 shares in the company, 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. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Riley Exploration Permian

A number of hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in Riley Exploration Permian by 15.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 616,564 shares of the company’s stock worth $22,474,000 after buying an additional 80,770 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Riley Exploration Permian by 572.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,833 shares of the company’s stock worth $22,192,000 after buying an additional 518,340 shares in the last quarter. American Century Companies Inc. lifted its holdings in Riley Exploration Permian by 9.4% during the 3rd quarter. American Century Companies Inc. now owns 581,491 shares of the company’s stock worth $15,764,000 after buying an additional 49,843 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Riley Exploration Permian by 9.8% during the 4th quarter. Geode Capital Management LLC now owns 303,060 shares of the company’s stock worth $8,003,000 after buying an additional 27,168 shares in the last quarter. Finally, Kennedy Capital Management LLC lifted its holdings in Riley Exploration Permian by 15.0% during the 3rd quarter. Kennedy Capital Management LLC now owns 248,663 shares of the company’s stock worth $6,741,000 after buying an additional 32,522 shares in the last quarter. 58.91% of the stock is currently owned by institutional investors and hedge funds.

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.