Key Points
- Insider sale: Director Corey Neil Riley sold 3,500 shares on Feb. 12 at an average price of $27.41 for $95,935, trimming his position by 2.16% to 158,565 shares.
- Shareholder returns: The company pays a $0.40 quarterly dividend (annualized $1.60, ~5.8% yield) and the board approved a $100 million repurchase plan to buy up to roughly 18% of shares.
- Market and analyst outlook: REPX trades around $27.76 with a market cap near $610M, and analysts have a consensus rating of "Strong Buy" with a $36.00 target.
Riley Exploration Permian, Inc. (NYSE:REPX - Get Free Report) insider Corey Neil Riley sold 3,500 shares of the firm's stock in a transaction 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 sale, the insider owned 158,565 shares of the company's stock, valued at $4,346,266.65. This trade represents a 2.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
Riley Exploration Permian Trading Up 3.8%
Shares of Riley Exploration Permian stock opened at $27.76 on Friday. The firm has a market cap of $609.86 million, a price-to-earnings ratio of 4.92 and a beta of 1.22. Riley Exploration Permian, Inc. has a 52-week low of $21.98 and a 52-week high of $36.18. The company's 50-day simple moving average is $26.98 and its 200-day simple moving average is $27.04. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53.
Riley Exploration Permian Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Thursday, January 22nd were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Thursday, January 22nd. Riley Exploration Permian's dividend payout ratio (DPR) is currently 39.12%.
Riley Exploration Permian announced that its Board of Directors has approved a stock buyback plan on Tuesday, December 16th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 18% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.
Hedge Funds Weigh In On Riley Exploration Permian
Institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE lifted its position in shares of Riley Exploration Permian by 5.4% in the second quarter. Bank of America Corp DE now owns 7,806 shares of the company's stock valued at $205,000 after acquiring an additional 402 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Riley Exploration Permian by 6.1% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,188 shares of the company's stock valued at $189,000 after purchasing an additional 411 shares during the last quarter. MetLife Investment Management LLC boosted its stake in shares of Riley Exploration Permian by 6.5% during the 4th quarter. MetLife Investment Management LLC now owns 8,410 shares of the company's stock worth $222,000 after purchasing an additional 516 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Riley Exploration Permian by 1.8% during the first quarter. Empowered Funds LLC now owns 31,549 shares of the company's stock worth $920,000 after buying an additional 562 shares in the last quarter. Finally, State of Wyoming lifted its stake in shares of Riley Exploration Permian by 12.8% during the fourth quarter. State of Wyoming now owns 5,011 shares of the company's stock valued at $132,000 after buying an additional 567 shares during the period. 58.91% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on REPX. William Blair started coverage on shares of Riley Exploration Permian in a research report on Friday, November 21st. They set an "outperform" rating for the company. Zacks Research raised Riley Exploration Permian from a "hold" rating to a "strong-buy" rating in a research note on Thursday, January 15th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Strong Buy" and a consensus target price of $36.00.
Check Out Our Latest Stock Analysis on Riley Exploration Permian
About Riley Exploration Permian
(
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.
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