Riley Exploration Permian (NYSE:REPX) Shares Down 6% After Analyst Downgrade

Riley Exploration Permian, Inc. (NYSE:REPX) was down 6% during mid-day trading on Tuesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $36.27 and last traded at $36.27. Approximately 150,444 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 376,875 shares. The stock had previously closed at $38.60.

Other equities analysts have also recently issued reports about the company. William Blair reaffirmed an “outperform” rating on shares of Riley Exploration Permian in a research note on Thursday, March 5th. Roth Mkm reaffirmed a “buy” rating on shares of Riley Exploration Permian in a research note on Thursday, April 30th. Finally, Truist Financial assumed coverage on Riley Exploration Permian in a research note on Tuesday, March 24th. They issued a “buy” rating and a $47.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $41.50.

Insider Transactions at Riley Exploration Permian

In other Riley Exploration Permian news, insider Corey Neil Riley sold 3,500 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $34.37, for a total value of $120,295.00. Following the sale, the insider owned 148,472 shares in the company, valued at approximately $5,102,982.64. This represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 completion of the sale, the chief executive officer directly 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. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Riley Exploration Permian

A number of institutional investors have recently modified their holdings of REPX. Aster Capital Management DIFC Ltd purchased a new stake in shares of Riley Exploration Permian during the fourth quarter valued at approximately $27,000. Royal Bank of Canada grew its holdings in shares of Riley Exploration Permian by 210.9% during the fourth quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock valued at $31,000 after buying an additional 772 shares during the last quarter. Quarry LP purchased a new stake in shares of Riley Exploration Permian during the third quarter valued at approximately $46,000. Advisory Services Network LLC purchased a new stake in shares of Riley Exploration Permian during the third quarter valued at approximately $65,000. Finally, Parkwood LLC purchased a new stake in shares of Riley Exploration Permian during the third quarter valued at approximately $68,000. 58.91% of the stock is owned by hedge funds and other institutional investors.

Riley Exploration Permian Trading Up 0.5%

The stock’s fifty day moving average price is $36.34 and its 200 day moving average price is $30.74. 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 market cap of $765.87 million, a PE ratio of 6.26 and a beta of 0.93.

Riley Exploration Permian Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 13th. Investors of record on Wednesday, April 29th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, April 29th. This represents a $1.60 annualized dividend and a dividend yield of 4.5%. Riley Exploration Permian’s dividend payout ratio (DPR) is 56.14%.

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.