Riley Exploration Permian (NYSE:REPX) Upgraded at Zacks Research

Zacks Research upgraded shares of Riley Exploration Permian (NYSE:REPX) from a hold rating to a strong-buy rating in a research report released on Thursday morning,Zacks.com reports.

A number of other equities analysts have also recently issued reports on the company. Roth Capital started coverage on Riley Exploration Permian in a report on Monday, October 13th. They set a “buy” rating and a $36.00 price target on the stock. William Blair started coverage on shares of Riley Exploration Permian in a research note on Friday, November 21st. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat.com, Riley Exploration Permian presently has an average rating of “Strong Buy” and a consensus target price of $36.00.

Riley Exploration Permian Stock Down 1.9%

Shares of Riley Exploration Permian stock opened at $27.50 on Thursday. The stock’s 50-day moving average is $26.52 and its 200 day moving average is $26.93. Riley Exploration Permian has a one year low of $21.98 and a one year high of $37.55. The firm has a market cap of $604.15 million, a price-to-earnings ratio of 4.88 and a beta of 1.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.70 and a quick ratio of 0.64.

Riley Exploration Permian announced that its board has approved a share repurchase plan on Tuesday, December 16th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 18% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Riley Exploration Permian Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Thursday, January 22nd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date is Thursday, January 22nd. Riley Exploration Permian’s dividend payout ratio (DPR) is currently 39.12%.

Insider Activity at Riley Exploration Permian

In other Riley Exploration Permian news, CEO Bobby Riley sold 20,000 shares of the business’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $25.91, for a total value of $518,200.00. Following the transaction, the chief executive officer owned 349,431 shares of the company’s stock, valued at approximately $9,053,757.21. The trade was a 5.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction on Friday, November 7th. The stock was sold at an average price of $24.87, for a total value of $87,045.00. Following the sale, the insider owned 162,065 shares in the company, valued at $4,030,556.55. The trade was a 2.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 36,000 shares of company stock worth $918,370. Insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Riley Exploration Permian

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in Riley Exploration Permian in the 4th quarter valued at about $128,000. Advisory Services Network LLC purchased a new position in shares of Riley Exploration Permian in the third quarter worth about $65,000. PharVision Advisers LLC bought a new stake in shares of Riley Exploration Permian in the third quarter valued at approximately $285,000. Quarry LP bought a new stake in shares of Riley Exploration Permian in the third quarter valued at approximately $46,000. Finally, Parkwood LLC purchased a new stake in shares of Riley Exploration Permian during the 3rd quarter valued at approximately $68,000. Hedge funds and other institutional investors own 58.91% of the company’s stock.

Riley Exploration Permian Company Profile

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.