Riley Exploration Permian (NYSE:REPX) Now Covered by Analysts at Truist Financial

Truist Financial assumed coverage on shares of Riley Exploration Permian (NYSE:REPX) in a report published on Tuesday, MarketBeat reports. The firm issued a buy rating and a $47.00 price objective on the stock.

Several other brokerages also recently issued reports on REPX. Zacks Research downgraded Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 13th. William Blair reaffirmed an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Riley Exploration Permian has a consensus rating of “Buy” and a consensus target price of $41.50.

Riley Exploration Permian Price Performance

Shares of Riley Exploration Permian stock opened at $36.11 on Tuesday. The company has a market capitalization of $778.78 million, a price-to-earnings ratio of 6.40 and a beta of 1.22. 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 stock’s 50-day simple moving average is $29.58 and its 200-day simple moving average is $27.73. Riley Exploration Permian has a 52 week low of $21.98 and a 52 week high of $36.40.

Riley Exploration Permian declared that its board has approved a stock buyback plan on Tuesday, December 16th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 18% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Riley Exploration Permian Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Thursday, January 22nd were given a dividend of $0.40 per share. The ex-dividend date was Thursday, January 22nd. This represents a $1.60 annualized dividend and a yield of 4.4%. Riley Exploration Permian’s dividend payout ratio (DPR) is 21.08%.

Insiders Place Their Bets

In other news, CEO Bobby Riley sold 12,500 shares of the business’s 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 sale, the chief executive officer directly owned 336,931 shares in the company, valued at $9,363,312.49. The trade was a 3.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Corey Neil Riley sold 3,500 shares of the company’s 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 sale, the insider owned 158,565 shares in the company, valued at $4,346,266.65. This represents a 2.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 4.70% of the company’s stock.

Institutional Investors Weigh In On Riley Exploration Permian

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd purchased a new position in shares of Riley Exploration Permian in the 4th quarter worth approximately $27,000. Royal Bank of Canada increased its position in shares of Riley Exploration Permian by 210.9% during the 4th quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock valued at $31,000 after purchasing an additional 772 shares during the last quarter. Quarry LP purchased a new stake in Riley Exploration Permian during the 3rd quarter valued at $46,000. Advisory Services Network LLC purchased a new stake in Riley Exploration Permian during the 3rd quarter valued at $65,000. Finally, Parkwood LLC bought a new stake in Riley Exploration Permian in the third quarter worth $68,000. 58.91% of the stock is currently owned by hedge funds and other institutional investors.

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.