Riley Exploration Permian (NYSE:REPX) Research Coverage Started at Truist Financial

Truist Financial started coverage on shares of Riley Exploration Permian (NYSE:REPX) in a research report released on Tuesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $47.00 target price on the stock.

A number of other equities research analysts have also weighed in on the company. Zacks Research lowered Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 13th. William Blair restated an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $41.50.

Riley Exploration Permian Stock Up 2.7%

NYSE REPX opened at $37.45 on Tuesday. Riley Exploration Permian has a 1 year low of $21.98 and a 1 year high of $37.70. The stock has a market capitalization of $807.68 million, a PE ratio of 6.64 and a beta of 1.22. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.70 and a quick ratio of 0.64. The business’s 50-day moving average is $29.93 and its 200 day moving average is $27.86.

Riley Exploration Permian declared that its board has initiated a share buyback program 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 programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Riley Exploration Permian Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Thursday, January 22nd were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Thursday, January 22nd. Riley Exploration Permian’s dividend payout ratio is presently 21.08%.

Insider Activity

In other news, insider Corey Neil Riley sold 3,500 shares of the stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $27.41, for a total value of $95,935.00. Following the completion of the transaction, the insider owned 158,565 shares of the company’s stock, valued at approximately $4,346,266.65. This represents a 2.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Bobby Riley sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $27.79, for a total value of $347,375.00. Following the completion of the transaction, the chief executive officer owned 336,931 shares of the company’s stock, valued at approximately $9,363,312.49. The trade was a 3.58% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 4.70% of the company’s stock.

Hedge Funds Weigh In On Riley Exploration Permian

A number of institutional investors have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new position in Riley Exploration Permian during the fourth quarter valued at $27,000. Royal Bank of Canada grew its position in shares of Riley Exploration Permian by 210.9% in the 4th quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock worth $31,000 after buying an additional 772 shares during the period. Quarry LP purchased a new stake in shares of Riley Exploration Permian in the 3rd quarter worth about $46,000. Advisory Services Network LLC bought a new position in shares of Riley Exploration Permian in the 3rd quarter worth about $65,000. Finally, Parkwood LLC bought a new position in shares of Riley Exploration Permian in the 3rd quarter worth about $68,000. 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.