Insider Selling: Riley Exploration Permian (NYSE:REPX) CEO Sells 20,000 Shares of Stock

Riley Exploration Permian, Inc. (NYSE:REPX) CEO Bobby Riley sold 20,000 shares of the firm’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $25.91, for a total transaction of $518,200.00. Following the transaction, the chief executive officer directly owned 349,431 shares of the company’s stock, valued at $9,053,757.21. The trade was a 5.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Bobby Riley also recently made the following trade(s):

• On Monday, November 10th, Bobby Riley sold 12,500 shares of Riley Exploration Permian stock. The stock was sold at an average price of $25.05, for a total transaction of $313,125.00.

Riley Exploration Permian Trading Up 1.4%

NYSE REPX traded up $0.35 during trading hours on Monday, hitting $25.80. 47,038 shares of the company’s stock were exchanged, compared to its average volume of 114,929. Riley Exploration Permian, Inc. has a 1-year low of $21.98 and a 1-year high of $37.55. The firm has a market cap of $566.69 million, a price-to-earnings ratio of 4.58 and a beta of 1.02. The stock has a 50-day simple moving average of $26.56 and a 200 day simple moving average of $27.07. 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 announced that its board has approved a share repurchase plan on Tuesday, December 16th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 18% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Riley Exploration Permian Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 6th. Stockholders of record on Tuesday, October 21st were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 6.2%. This is a boost from Riley Exploration Permian’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Tuesday, October 21st. Riley Exploration Permian’s dividend payout ratio (DPR) is currently 39.12%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Roth Capital started coverage on Riley Exploration Permian in a report on Monday, October 13th. They issued a “buy” rating and a $36.00 price objective for the company. William Blair began coverage on shares of Riley Exploration Permian in a research note on Friday, November 21st. They issued an “outperform” rating for the company. Finally, Zacks Research raised shares of Riley Exploration Permian from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $41.50.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. TrueMark Investments LLC bought a new stake in shares of Riley Exploration Permian during the 3rd quarter valued at about $3,027,000. American Century Companies Inc. raised its stake in Riley Exploration Permian by 25.8% in the first quarter. American Century Companies Inc. now owns 484,614 shares of the company’s stock valued at $14,136,000 after purchasing an additional 99,273 shares in the last quarter. Cannell & Spears LLC purchased a new stake in Riley Exploration Permian in the third quarter valued at approximately $2,224,000. Raymond James Financial Inc. bought a new stake in Riley Exploration Permian during the second quarter valued at approximately $2,033,000. Finally, Denali Advisors LLC grew its stake in Riley Exploration Permian by 211.8% in the 3rd quarter. Denali Advisors LLC now owns 88,495 shares of the company’s stock worth $2,399,000 after buying an additional 60,110 shares in the last quarter. 58.91% of the stock is currently 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.