Riley Exploration Permian (NYSE:REPX) Sets New 52-Week High – Here’s Why

Riley Exploration Permian, Inc. (NYSE:REPX)’s share price hit a new 52-week high during mid-day trading on Friday. The stock traded as high as $45.39 and last traded at $45.2060, with a volume of 15752 shares traded. The stock had previously closed at $44.64.

Wall Street Analyst Weigh In

Several research firms have recently commented on REPX. Truist Financial reduced their target price on shares of 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. Roth Capital reaffirmed a “buy” rating and issued a $45.00 price target on shares of Riley Exploration Permian in a report on Thursday, July 23rd. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Riley Exploration Permian Trading Up 2.4%

The stock has a market capitalization of $1.01 billion, a PE ratio of 8.11 and a beta of 1.05. 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 business’s fifty day moving average is $39.57 and its 200-day moving average is $36.80.

Riley Exploration Permian Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Wednesday, July 29th. Riley Exploration Permian’s dividend payout ratio (DPR) is 28.99%.

Insider Activity

In other news, CEO Bobby Riley sold 12,500 shares of Riley Exploration Permian stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $35.85, for a total value of $448,125.00. Following the transaction, the chief executive officer directly owned 482,983 shares of the company’s stock, valued at $17,314,940.55. The trade was a 2.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philip Riley sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $37.61, for a total value of $150,440.00. Following the sale, the chief financial officer owned 235,503 shares of the company’s stock, valued at $8,857,267.83. The trade was a 1.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 20,000 shares of company stock valued at $721,765 in the last three months. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Riley Exploration Permian

Several hedge funds and other institutional investors have recently bought and sold shares of REPX. Envestnet Asset Management Inc. purchased a new position in Riley Exploration Permian in the 2nd quarter valued at about $1,135,000. State Street Corp raised its holdings in Riley Exploration Permian by 30.4% in the second quarter. State Street Corp now owns 325,904 shares of the company’s stock valued at $10,742,000 after acquiring an additional 75,993 shares in the last quarter. WINTON GROUP Ltd raised its holdings in Riley Exploration Permian by 14.4% in the second quarter. WINTON GROUP Ltd now owns 28,075 shares of the company’s stock valued at $925,000 after acquiring an additional 3,527 shares in the last quarter. Engineers Gate Manager LP boosted its stake in Riley Exploration Permian by 48.2% during the 2nd quarter. Engineers Gate Manager LP now owns 42,968 shares of the company’s stock valued at $1,416,000 after acquiring an additional 13,971 shares during the last quarter. Finally, Integrated Wealth Concepts LLC grew its holdings in Riley Exploration Permian by 35.6% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 13,407 shares of the company’s stock worth $442,000 after acquiring an additional 3,522 shares in the last quarter. 58.91% of the stock is owned by institutional investors and hedge funds.

Riley Exploration Permian Company Profile

Riley Exploration Permian, Inc is an independent oil and natural gas exploration and production company focused on the development of assets in the Permian Basin. The company’s operations are concentrated in southeastern New Mexico and West Texas, where it acquires, develops and produces hydrocarbons from unconventional formations.

Its production portfolio includes crude oil, natural gas liquids and natural gas. Riley Exploration Permian emphasizes the development of operated acreage through horizontal drilling and completion programs, as well as the efficient management of its existing wells and infrastructure.

The company completed its initial public offering in 2021 and its common stock trades on the New York Stock Exchange under the symbol REPX.