Riley Exploration Permian (NYSE:REPX) Upgraded at Truist Financial

Truist Financial upgraded shares of Riley Exploration Permian (NYSE:REPX) to a strong-buy rating in a research note published on Monday,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Zacks Research downgraded shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 13th. William Blair reissued an “outperform” rating on shares of Riley Exploration Permian in a research report on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Riley Exploration Permian has an average rating of “Buy” and a consensus target price of $41.50.

Riley Exploration Permian Stock Up 1.0%

REPX stock opened at $36.47 on Monday. The stock has a market capitalization of $786.55 million, a PE ratio of 6.47 and a beta of 1.22. Riley Exploration Permian has a 52 week low of $21.98 and a 52 week high of $36.47. 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 $29.74 and a 200 day moving average of $27.79.

Riley Exploration Permian Announces Dividend

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

Riley Exploration Permian declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 16th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 18% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction that occurred on 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 transaction, the insider directly owned 158,565 shares of the company’s stock, valued at $4,346,266.65. The trade was a 2.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Bobby Riley sold 12,500 shares of Riley Exploration Permian stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $27.79, for a total transaction of $347,375.00. Following the transaction, the chief executive officer directly owned 336,931 shares of the company’s stock, valued at approximately $9,363,312.49. This trade represents a 3.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.70% of the company’s stock.

Institutional Trading of Riley Exploration Permian

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new position in Riley Exploration Permian in the fourth quarter valued at $27,000. Royal Bank of Canada boosted its stake 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 worth $31,000 after acquiring an additional 772 shares in the last quarter. Quarry LP acquired a new stake in shares of Riley Exploration Permian during the 3rd quarter valued at about $46,000. Advisory Services Network LLC acquired a new stake in shares of Riley Exploration Permian during the 3rd quarter valued at about $65,000. Finally, Parkwood LLC purchased a new position in shares of Riley Exploration Permian in the 3rd quarter valued at about $68,000. Institutional investors and hedge funds 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.