Riley Exploration Permian (NYSE:REPX) Hits New 1-Year High – Here’s Why

Shares of Riley Exploration Permian, Inc. (NYSE:REPX) reached a new 52-week high during trading on Monday . The stock traded as high as $44.44 and last traded at $44.3010, with a volume of 49162 shares changing hands. The stock had previously closed at $43.51.

Wall Street Analyst Weigh In

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

Riley Exploration Permian Stock Up 2.4%

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 50 day moving average of $36.58 and a two-hundred day moving average of $35.41. The firm has a market capitalization of $986.96 million, a price-to-earnings ratio of 7.91 and a beta of 0.96.

Riley Exploration Permian Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Wednesday, July 29th. Riley Exploration Permian’s dividend payout ratio (DPR) is presently 28.99%.

Insider Activity at Riley Exploration Permian

In related news, insider Corey Riley sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $35.20, for a total transaction of $123,200.00. Following the completion of the transaction, the insider directly owned 210,062 shares in the company, valued at $7,394,182.40. This represents a 1.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $35.85, for a total transaction of $448,125.00. Following the completion of the transaction, the chief executive officer directly owned 482,983 shares of the company’s stock, valued at approximately $17,314,940.55. The trade was a 2.52% decrease in their position. 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. In the last three months, insiders have sold 20,000 shares of company stock valued at $721,765. 4.20% of the stock is owned by insiders.

Institutional Trading of Riley Exploration Permian

A number of hedge funds have recently made changes to their positions in REPX. BlackRock Inc. bought a new stake in shares of Riley Exploration Permian in the second quarter worth $40,302,000. Arrowstreet Capital Limited Partnership raised its position 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 purchasing an additional 518,340 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Riley Exploration Permian by 3,781.5% during the 2nd quarter. California State Teachers Retirement System now owns 482,271 shares of the company’s stock worth $14,632,000 after buying an additional 469,846 shares during the period. First Eagle Investment Management LLC lifted its holdings in Riley Exploration Permian by 134.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 430,946 shares of the company’s stock worth $14,204,000 after buying an additional 246,798 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of Riley Exploration Permian in the 2nd quarter valued at about $8,021,000. 58.91% of the stock is owned by institutional investors and hedge funds.

About Riley Exploration Permian

Riley Exploration Permian, Inc is an independent oil and natural gas exploration and production company. The company focuses on acquiring, developing and operating oil and gas properties, with production consisting primarily of crude oil, natural gas and natural gas liquids.

Riley Exploration Permian’s operations are concentrated in the Permian Basin, one of the largest hydrocarbon-producing regions in the United States. Its asset base is primarily located in southeastern New Mexico, where the company develops wells and related infrastructure across its leasehold interests.

The company was established in 2016 and became a publicly traded company in 2021.