Riley Exploration Permian (NYSE:REPX) Sets New 1-Year High – Here’s What Happened

Riley Exploration Permian, Inc. (NYSE:REPX)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $41.60 and last traded at $41.22, with a volume of 505296 shares traded. The stock had previously closed at $39.43.

Analyst Ratings Changes

Several brokerages recently commented on REPX. Zacks Research lowered Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. Truist Financial cut their price target on Riley Exploration Permian from $47.00 to $41.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Finally, Roth Capital reaffirmed a “buy” rating and set a $45.00 price target on shares of Riley Exploration Permian in a research report on Thursday, July 23rd. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Riley Exploration Permian Stock Up 2.1%

The company has a fifty day simple moving average of $35.40 and a 200-day simple moving average of $34.78. 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 firm has a market cap of $932.46 million, a P/E ratio of 7.46 and a beta of 0.96.

Riley Exploration Permian Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 12th. Shareholders of record on Wednesday, July 29th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Wednesday, July 29th. Riley Exploration Permian’s payout ratio is currently 28.99%.

Insider Activity at Riley Exploration Permian

In related news, CEO Bobby Riley sold 12,500 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $35.85, for a total value of $448,125.00. Following the completion of the transaction, the chief executive officer owned 482,983 shares of the company’s stock, valued at approximately $17,314,940.55. This trade represents a 2.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Corey Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $35.20, for a total value of $123,200.00. Following the completion of the transaction, the insider owned 210,062 shares of the company’s stock, valued at approximately $7,394,182.40. This trade represents a 1.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 20,000 shares of company stock valued at $721,765. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Riley Exploration Permian

Several hedge funds have recently bought and sold shares of the business. Bank of America Corp DE boosted its holdings in shares of Riley Exploration Permian by 5.4% in 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Riley Exploration Permian by 6.1% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,188 shares of the company’s stock worth $189,000 after buying an additional 411 shares during the period. North Star Investment Management Corp. lifted its holdings in shares of Riley Exploration Permian by 1.3% in the 2nd quarter. North Star Investment Management Corp. now owns 36,273 shares of the company’s stock worth $1,196,000 after buying an additional 473 shares during the period. MetLife Investment Management LLC grew 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. Finally, Empowered Funds LLC grew its position in shares of Riley Exploration Permian by 1.8% during the 1st quarter. Empowered Funds LLC now owns 31,549 shares of the company’s stock worth $920,000 after buying an additional 562 shares in the last quarter. 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.