Riley Exploration Permian (NYSE:REPX) Trading 6.9% Higher – Here’s What Happened

Riley Exploration Permian, Inc. (NYSE:REPX) traded up 6.9% during trading on Tuesday . The company traded as high as $39.92 and last traded at $40.3260. 147,044 shares traded hands during trading, a decline of 60% from the average session volume of 369,892 shares. The stock had previously closed at $37.71.

Analysts Set New Price Targets

REPX has been the subject of several research reports. William Blair reiterated an “outperform” rating on shares of Riley Exploration Permian in a research report on Thursday, March 5th. Roth Mkm reaffirmed a “buy” rating on shares of Riley Exploration Permian in a report on Thursday, April 30th. Truist Financial started coverage on shares of Riley Exploration Permian in a report on Tuesday, March 24th. They issued a “buy” rating and a $47.00 price target for the company. Finally, Zacks Research raised Riley Exploration Permian from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 8th. Two analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Strong Buy” and an average price target of $41.50.

Riley Exploration Permian Stock Down 3.2%

The company’s fifty day moving average price is $35.92 and its 200-day moving average price is $30.26. The stock has a market cap of $814.03 million, a P/E ratio of 6.65 and a beta of 0.93. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70.

Riley Exploration Permian Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 13th. Shareholders of record on Wednesday, April 29th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, April 29th. This represents a $1.60 annualized dividend and a yield of 4.3%. Riley Exploration Permian’s dividend payout ratio (DPR) is presently 56.14%.

Insider Activity

In other Riley Exploration Permian news, insider Corey Neil Riley sold 3,500 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $34.37, for a total value of $120,295.00. Following the completion of the sale, the insider owned 148,472 shares of the company’s stock, valued at $5,102,982.64. This trade represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 stock was sold at an average price of $34.45, for a total transaction of $430,625.00. Following the completion of the sale, the chief executive officer directly owned 313,020 shares of the company’s stock, valued at approximately $10,783,539. The trade was a 3.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Riley Exploration Permian

Institutional investors and hedge funds have recently modified their holdings of the business. Aster Capital Management DIFC Ltd bought a new stake in shares of Riley Exploration Permian during the fourth quarter worth $27,000. Royal Bank of Canada lifted its holdings in 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 buying an additional 772 shares in the last quarter. Quarry LP bought a new stake in Riley Exploration Permian during the 3rd quarter valued at about $46,000. Advisory Services Network LLC bought a new stake in Riley Exploration Permian during the 3rd quarter valued at about $65,000. Finally, Parkwood LLC bought a new stake in Riley Exploration Permian during the 3rd quarter valued at about $68,000. 58.91% of the stock is owned by 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.