Riley Exploration Permian (NYSE:REPX) Sets New 52-Week High – What’s Next?

Shares of Riley Exploration Permian, Inc. (NYSE:REPX) reached a new 52-week high on Wednesday . The stock traded as high as $41.53 and last traded at $41.21, with a volume of 1037798 shares trading hands. The stock had previously closed at $37.71.

Analyst Upgrades and Downgrades

Several research firms have weighed in on REPX. William Blair reiterated an “outperform” rating on shares of Riley Exploration Permian in a research note on Thursday, March 5th. Truist Financial began coverage on shares of Riley Exploration Permian in a research note on Tuesday, March 24th. They set a “buy” rating and a $47.00 target price for the company. Roth Mkm reiterated a “buy” rating on shares of Riley Exploration Permian in a research note on Thursday, April 30th. Finally, Zacks Research upgraded shares of 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.com, the stock presently has an average rating of “Strong Buy” and a consensus target price of $41.50.

Riley Exploration Permian Trading Up 9.3%

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’s 50 day simple moving average is $35.79 and its two-hundred day simple moving average is $30.16. The stock has a market cap of $894.09 million, a P/E ratio of 7.31 and a beta of 0.93.

Riley Exploration Permian Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 13th. Stockholders of record on Wednesday, April 29th were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, April 29th. This represents a $1.60 annualized dividend and a dividend yield of 3.9%. Riley Exploration Permian’s dividend payout ratio is currently 56.14%.

Insider Activity

In other news, insider Corey Neil Riley sold 3,500 shares of the company’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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Bobby Riley sold 12,500 shares of the company’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 of the company’s stock, valued at $10,783,539. This represents a 3.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Riley Exploration Permian

Several institutional investors have recently modified their holdings of REPX. Arrowstreet Capital Limited Partnership grew its position in shares of Riley Exploration Permian by 572.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 608,833 shares of the company’s stock worth $22,192,000 after acquiring an additional 518,340 shares during the last quarter. Bank of America Corp DE grew its position in shares of Riley Exploration Permian by 608.2% during the first quarter. Bank of America Corp DE now owns 196,032 shares of the company’s stock worth $7,145,000 after acquiring an additional 168,352 shares during the last quarter. TrueMark Investments LLC bought a new position in shares of Riley Exploration Permian during the third quarter worth about $3,027,000. Cannell & Spears LLC bought a new position in shares of Riley Exploration Permian during the third quarter worth about $2,224,000. Finally, Renaissance Technologies LLC grew its position in shares of Riley Exploration Permian by 134.5% during the first quarter. Renaissance Technologies LLC now owns 142,100 shares of the company’s stock worth $5,180,000 after acquiring an additional 81,500 shares during the last quarter. Institutional investors 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.