Zacks Research Downgrades Riley Exploration Permian (NYSE:REPX) to Hold

Riley Exploration Permian (NYSE:REPX) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities analysts have also issued reports on REPX. Truist Financial began 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. William Blair reaffirmed an “outperform” rating on shares of Riley Exploration Permian in a research report on Thursday, March 5th. Finally, Roth Mkm reaffirmed a “buy” rating on shares of Riley Exploration Permian in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $41.50.

Riley Exploration Permian Price Performance

Shares of REPX opened at $35.84 on Monday. Riley Exploration Permian has a 52-week low of $24.08 and a 52-week high of $41.53. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70. The business’s 50 day moving average price is $36.28 and its two-hundred day moving average price is $30.59. The firm has a market cap of $777.58 million, a PE ratio of 6.35 and a beta of 0.93.

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 transaction, the insider directly owned 148,472 shares of the company’s stock, valued at $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 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 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 value of $430,625.00. Following the transaction, the chief executive officer directly owned 313,020 shares in the company, valued at $10,783,539. The trade was 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. 4.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Riley Exploration Permian

Several institutional investors have recently bought and sold shares of REPX. Denali Advisors LLC lifted its position in shares of Riley Exploration Permian by 211.8% during the 3rd quarter. Denali Advisors LLC now owns 88,495 shares of the company’s stock valued at $2,399,000 after buying an additional 60,110 shares during the last quarter. Kennondale Capital Management LLC lifted its position in shares of Riley Exploration Permian by 118.9% during the 3rd quarter. Kennondale Capital Management LLC now owns 75,667 shares of the company’s stock valued at $2,051,000 after buying an additional 41,095 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Riley Exploration Permian by 9.4% during 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 last quarter. Cannell & Spears LLC purchased a new position in shares of Riley Exploration Permian during the 3rd quarter valued at $2,224,000. Finally, Principal Financial Group Inc. purchased a new position in shares of Riley Exploration Permian during the 3rd quarter valued at $363,000. 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.