Riley Exploration Permian (NYSE:REPX) Trading Down 6% – Time to Sell?

Shares of Riley Exploration Permian, Inc. (NYSE:REPX) dropped 6% during mid-day trading on Tuesday . The company traded as low as $36.27 and last traded at $36.27. Approximately 150,444 shares were traded during trading, a decline of 60% from the average daily volume of 376,875 shares. The stock had previously closed at $38.60.

Analyst Upgrades and Downgrades

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

Riley Exploration Permian Stock Performance

The stock has a 50 day simple moving average of $36.23 and a 200 day simple moving average of $30.52. The company has a market cap of $777.58 million, a price-to-earnings ratio of 6.35 and a beta of 0.93. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53.

Riley Exploration Permian Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 13th. Shareholders of record on Wednesday, April 29th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Wednesday, April 29th. Riley Exploration Permian’s payout ratio is currently 56.14%.

Insider Transactions at Riley Exploration Permian

In other Riley Exploration Permian news, CEO Bobby Riley sold 12,500 shares of the business’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 transaction, the chief executive officer owned 313,020 shares in the company, valued at $10,783,539. The trade was a 3.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Corey Neil Riley sold 3,500 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $34.37, for a total value of $120,295.00. Following the transaction, the insider owned 148,472 shares in the company, valued at approximately $5,102,982.64. This represents a 2.30% 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. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of REPX. Dynamic Technology Lab Private Ltd acquired a new position in shares of Riley Exploration Permian in the first quarter worth about $249,000. Empowered Funds LLC lifted its stake in shares of Riley Exploration Permian by 1.8% in the first quarter. Empowered Funds LLC now owns 31,549 shares of the company’s stock worth $920,000 after acquiring an additional 562 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Riley Exploration Permian in the first quarter worth about $431,000. JPMorgan Chase & Co. lifted its stake in shares of Riley Exploration Permian by 27.1% in the second quarter. JPMorgan Chase & Co. now owns 7,438 shares of the company’s stock worth $195,000 after acquiring an additional 1,586 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Riley Exploration Permian by 17.2% in the second quarter. Rhumbline Advisers now owns 19,052 shares of the company’s stock worth $500,000 after acquiring an additional 2,802 shares in the last quarter. Institutional investors and hedge funds 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.