Key Points
- CEO Bobby Riley sold 20,000 shares on December 19 at an average price of $25.91 for about $518,200, reducing his stake by 5.41% to 349,431 shares.
- Riley Exploration Permian raised its quarterly dividend to $0.40 (up from $0.38), equivalent to $1.60 annually and a yield of about 6.2% with a payout ratio near 39%.
- The board authorized a $100 million share buyback (up to ~18% of shares) and analysts hold a consensus "Buy" rating with an average target price of $41.50.
Riley Exploration Permian, Inc. (NYSE:REPX - Get Free Report) CEO Bobby Riley sold 20,000 shares of the stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $25.91, for a total value of $518,200.00. Following the sale, the chief executive officer owned 349,431 shares in the company, valued at $9,053,757.21. The trade was a 5.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
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 shares were sold at an average price of $25.05, for a total value of $313,125.00.
Riley Exploration Permian Price Performance
Shares of NYSE REPX opened at $25.73 on Tuesday. Riley Exploration Permian, Inc. has a 1-year low of $21.98 and a 1-year high of $37.55. 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 fifty day moving average price is $26.51 and its two-hundred day moving average price is $27.07. The firm has a market capitalization of $565.26 million, a PE ratio of 4.56 and a beta of 1.02.
Riley Exploration Permian Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 6th. Investors of record on Tuesday, October 21st were issued a $0.40 dividend. 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 6.2%. Riley Exploration Permian's dividend payout ratio is 39.12%.
Riley Exploration Permian announced that its board has authorized a share buyback program on Tuesday, December 16th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 18% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in REPX. Advisory Services Network LLC bought a new stake in Riley Exploration Permian during the third quarter worth approximately $65,000. PharVision Advisers LLC acquired a new position in shares of Riley Exploration Permian during the 3rd quarter valued at $285,000. Quarry LP acquired a new position in shares of Riley Exploration Permian during the 3rd quarter valued at $46,000. Parkwood LLC bought a new stake in shares of Riley Exploration Permian in the 3rd quarter worth $68,000. Finally, Millennium Management LLC acquired a new stake in shares of Riley Exploration Permian in the third quarter valued at $477,000. 58.91% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several brokerages have commented on REPX. William Blair began coverage on shares of Riley Exploration Permian in a research note on Friday, November 21st. They issued an "outperform" rating on the stock. Roth Capital assumed coverage on Riley Exploration Permian in a research report on Monday, October 13th. They issued a "buy" rating and a $36.00 target price on the stock. Finally, Zacks Research raised Riley Exploration Permian from a "strong sell" rating to a "hold" rating in a research note on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $41.50.
Read Our Latest Stock Report on REPX
Riley Exploration Permian Company Profile
(
Get Free Report)
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.
Further Reading
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