Riley Exploration Permian (NYSE:REPX) Hits New 52-Week High – Should You Buy?

Riley Exploration Permian, Inc. (NYSE:REPX) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $37.99 and last traded at $37.8350, with a volume of 11217 shares trading hands. The stock had previously closed at $36.84.

Analyst Upgrades and Downgrades

Several analysts have recently commented on REPX shares. William Blair reissued an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. 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 downgraded shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Riley Exploration Permian currently has an average rating of “Buy” and an average price target of $41.50.

Riley Exploration Permian Stock Up 3.3%

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70. The firm’s 50-day moving average is $31.21 and its 200 day moving average is $28.30. The firm has a market capitalization of $820.60 million, a PE ratio of 6.75 and a beta of 1.10.

Riley Exploration Permian Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Thursday, January 22nd were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Thursday, January 22nd. Riley Exploration Permian’s payout ratio is currently 21.08%.

Riley Exploration Permian declared that its Board of Directors has initiated a stock buyback program 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 programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Riley Exploration Permian

In related news, insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction that occurred on Thursday, February 12th. The stock was 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 in the company, valued at $4,346,266.65. The trade was a 2.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Bobby Riley sold 12,500 shares of Riley Exploration Permian stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $27.79, for a total value of $347,375.00. Following the sale, the chief executive officer owned 336,931 shares of the company’s stock, valued at approximately $9,363,312.49. This represents a 3.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 4.70% of the company’s stock.

Institutional Trading of Riley Exploration Permian

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in REPX. TrueMark Investments LLC purchased a new stake in Riley Exploration Permian during the 3rd quarter worth about $3,027,000. Cannell & Spears LLC acquired a new stake in Riley Exploration Permian during the third quarter worth approximately $2,224,000. First Trust Advisors LP boosted its position in Riley Exploration Permian by 172.6% during the fourth quarter. First Trust Advisors LP now owns 126,507 shares of the company’s stock worth $3,340,000 after acquiring an additional 80,099 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Riley Exploration Permian during the second quarter worth approximately $2,033,000. Finally, Goldman Sachs Group Inc. boosted its position in Riley Exploration Permian by 131.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 106,720 shares of the company’s stock worth $2,817,000 after acquiring an additional 60,661 shares during the last quarter. Hedge funds and other institutional investors 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.