Riley Exploration Permian’s (REPX) “Buy” Rating Reaffirmed at Roth Capital

Roth Capital restated their buy rating on shares of Riley Exploration Permian (NYSE:REPX) in a research note released on Thursday morning,Benzinga reports. Roth Capital currently has a $45.00 price objective on the stock.

Separately, Zacks Research lowered Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $46.00.

Riley Exploration Permian Price Performance

Shares of NYSE REPX opened at $36.03 on Thursday. The firm’s 50-day moving average price is $34.78 and its 200-day moving average price is $32.87. Riley Exploration Permian has a 1-year low of $24.08 and a 1-year high of $41.53. The firm has a market capitalization of $781.71 million, a P/E ratio of 6.39 and a beta of 0.91. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.53.

Riley Exploration Permian Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Wednesday, July 29th. Riley Exploration Permian’s dividend payout ratio (DPR) is currently 56.14%.

Insider Activity

In other news, insider Corey Neil Riley sold 3,500 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $34.37, for a total transaction of $120,295.00. Following the completion of the sale, the insider directly owned 148,472 shares of the company’s stock, valued at $5,102,982.64. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Bobby Riley sold 12,500 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $34.45, for a total transaction of $430,625.00. Following the completion of the transaction, the chief executive officer directly owned 313,020 shares in the company, valued at approximately $10,783,539. The trade was a 3.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 4.20% of the company’s stock.

Institutional Trading of Riley Exploration Permian

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE boosted its holdings in Riley Exploration Permian by 5.4% during the second quarter. Bank of America Corp DE now owns 7,806 shares of the company’s stock worth $205,000 after purchasing an additional 402 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Riley Exploration Permian by 6.1% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,188 shares of the company’s stock worth $189,000 after purchasing an additional 411 shares in the last quarter. MetLife Investment Management LLC increased its stake in Riley Exploration Permian by 6.5% in the 4th quarter. MetLife Investment Management LLC now owns 8,410 shares of the company’s stock valued at $222,000 after buying an additional 516 shares during the last quarter. Empowered Funds LLC increased its stake in Riley Exploration Permian by 1.8% in the 1st quarter. Empowered Funds LLC now owns 31,549 shares of the company’s stock valued at $920,000 after buying an additional 562 shares during the last quarter. Finally, State of Wyoming lifted its position in shares of Riley Exploration Permian by 12.8% during the 4th quarter. State of Wyoming now owns 5,011 shares of the company’s stock worth $132,000 after buying an additional 567 shares in the last quarter. 58.91% of the stock is owned by hedge funds and other institutional investors.

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.