Riley Exploration Permian (NYSE:REPX) Shares Gap Down – What’s Next?

Riley Exploration Permian, Inc. (NYSE:REPX) gapped down prior to trading on Tuesday . The stock had previously closed at $40.26, but opened at $38.25. Riley Exploration Permian shares last traded at $35.9950, with a volume of 181,580 shares traded.

Analysts Set New Price Targets

Several research firms recently commented on REPX. Truist Financial began coverage on Riley Exploration Permian in a report on Tuesday, March 24th. They issued a “buy” rating and a $47.00 price objective for the company. Zacks Research upgraded Riley Exploration Permian from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 8th. Finally, William Blair reiterated an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. Three equities research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat, Riley Exploration Permian has a consensus rating of “Strong Buy” and an average target price of $41.50.

Riley Exploration Permian Trading Down 11.8%

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 stock has a market capitalization of $765.61 million, a PE ratio of 6.28 and a beta of 1.10. The stock has a 50-day moving average price of $32.40 and a two-hundred day moving average price of $28.73.

Riley Exploration Permian declared that its board has authorized a share buyback plan on Tuesday, December 16th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 18% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Riley Exploration Permian

In other news, insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $27.41, for a total transaction of $95,935.00. Following the transaction, the insider directly owned 158,565 shares of the company’s stock, valued at $4,346,266.65. The trade was a 2.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $27.79, for a total value of $347,375.00. Following the transaction, the chief executive officer directly owned 336,931 shares in the company, valued at approximately $9,363,312.49. The trade was a 3.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. McAlvany Wealth Management LLC purchased a new position in Riley Exploration Permian in the 4th quarter worth approximately $943,000. Invesco Ltd. lifted its holdings in Riley Exploration Permian by 38.8% in the 4th quarter. Invesco Ltd. now owns 29,903 shares of the company’s stock worth $789,000 after purchasing an additional 8,363 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Riley Exploration Permian by 12.3% in the 4th quarter. Mackenzie Financial Corp now owns 163,215 shares of the company’s stock worth $4,364,000 after purchasing an additional 17,941 shares in the last quarter. VARCOV Co. purchased a new position in Riley Exploration Permian in the 4th quarter worth approximately $304,000. Finally, Susquehanna Portfolio Strategies LLC lifted its holdings in Riley Exploration Permian by 19.8% in the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 18,178 shares of the company’s stock worth $480,000 after purchasing an additional 3,001 shares in the last quarter. 58.91% of the stock is owned by hedge funds and other institutional investors.

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.