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 report issued on Wednesday,Zacks.com reports.

REPX has been the subject of a number of other research reports. Truist Financial started coverage on shares of Riley Exploration Permian in a report on Tuesday, March 24th. They set a “buy” rating and a $47.00 price target for the company. William Blair reaffirmed an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. Three equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, Riley Exploration Permian presently has a consensus rating of “Strong Buy” and a consensus target price of $41.50.

Riley Exploration Permian Stock Performance

Shares of Riley Exploration Permian stock opened at $39.54 on Wednesday. The company has a 50 day moving average of $32.15 and a 200-day moving average of $28.63. Riley Exploration Permian has a 1-year low of $22.52 and a 1-year high of $40.00. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.53. The company has a market cap of $852.76 million, a PE ratio of 7.01 and a beta of 1.10.

Riley Exploration Permian announced that its Board of Directors has approved a stock buyback plan on Tuesday, December 16th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 18% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CEO Bobby Riley sold 12,500 shares of the stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $27.79, for a total value of $347,375.00. Following the completion of the sale, the chief executive officer owned 336,931 shares in the company, valued at $9,363,312.49. This represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Corey Neil Riley sold 3,500 shares of the stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $27.41, for a total transaction of $95,935.00. Following the completion of the sale, the insider owned 158,565 shares of the company’s stock, valued at approximately $4,346,266.65. This represents a 2.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.90% of the company’s stock.

Institutional Trading of Riley Exploration Permian

Several institutional investors and hedge funds have recently made changes to their positions in REPX. Aster Capital Management DIFC Ltd purchased a new stake in Riley Exploration Permian during the fourth quarter worth about $27,000. Royal Bank of Canada increased its holdings in Riley Exploration Permian by 210.9% during the fourth quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock worth $31,000 after buying an additional 772 shares during the last quarter. Quarry LP purchased a new stake in Riley Exploration Permian during the third quarter worth about $46,000. Advisory Services Network LLC purchased a new stake in Riley Exploration Permian during the third quarter worth about $65,000. Finally, Parkwood LLC purchased a new stake in Riley Exploration Permian during the third quarter worth about $68,000. Hedge funds and other 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.