Insider Selling: Riley Exploration Permian (NYSE:REPX) CEO Sells $347,375.00 in Stock

Riley Exploration Permian, Inc. (NYSE:REPX) CEO Bobby Riley sold 12,500 shares of Riley Exploration Permian stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $27.79, for a total transaction of $347,375.00. Following the completion of the sale, the chief executive officer owned 336,931 shares of the company’s stock, valued at approximately $9,363,312.49. This trade represents a 3.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Bobby Riley also recently made the following trade(s):

• On Friday, December 19th, Bobby Riley sold 20,000 shares of Riley Exploration Permian stock. The shares were sold at an average price of $25.91, for a total transaction of $518,200.00.

Riley Exploration Permian Price Performance

REPX opened at $27.76 on Friday. The company has a 50-day moving average of $26.98 and a 200-day moving average of $27.04. The company has a market capitalization of $609.86 million, a P/E ratio of 4.92 and a beta of 1.22. Riley Exploration Permian, Inc. has a 1-year low of $21.98 and a 1-year high of $36.18. 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 announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 16th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 18% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Riley Exploration Permian Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Thursday, January 22nd were paid a dividend of $0.40 per share. The ex-dividend date was Thursday, January 22nd. This represents a $1.60 annualized dividend and a yield of 5.8%. Riley Exploration Permian’s dividend payout ratio is presently 39.12%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on REPX. Zacks Research upgraded Riley Exploration Permian from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 15th. William Blair began coverage on shares of Riley Exploration Permian in a report on Friday, November 21st. They issued an “outperform” rating for the company. Two analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Strong Buy” and an average target price of $36.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in REPX. Bank of America Corp DE raised its stake in shares of Riley Exploration Permian by 5.4% during the second quarter. Bank of America Corp DE now owns 7,806 shares of the company’s stock valued at $205,000 after purchasing an additional 402 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Riley Exploration Permian by 6.1% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,188 shares of the company’s stock valued at $189,000 after buying an additional 411 shares during the period. MetLife Investment Management LLC raised its position in shares of Riley Exploration Permian by 6.5% during the 4th quarter. MetLife Investment Management LLC now owns 8,410 shares of the company’s stock worth $222,000 after buying an additional 516 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of Riley Exploration Permian by 1.8% in the 1st quarter. Empowered Funds LLC now owns 31,549 shares of the company’s stock worth $920,000 after acquiring an additional 562 shares during the period. Finally, State of Wyoming lifted its stake in shares of Riley Exploration Permian by 12.8% in the 4th quarter. State of Wyoming now owns 5,011 shares of the company’s stock worth $132,000 after acquiring an additional 567 shares during the period. Institutional investors and hedge funds 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.