Stock Repurchase Plan Declared by Riley Exploration Permian (NYSE:REPX)

Riley Exploration Permian (NYSE:REPX) declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 16th, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 18% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

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

Riley Exploration Permian Stock Up 5.6%

NYSE REPX opened at $26.76 on Thursday. The stock has a market capitalization of $587.89 million, a P/E ratio of 4.74 and a beta of 1.02. Riley Exploration Permian has a 52 week low of $21.98 and a 52 week high of $37.55. 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 fifty day moving average of $26.60 and a 200-day moving average of $27.08.

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 given a $0.40 dividend. The ex-dividend date was Tuesday, October 21st. This is a positive change from Riley Exploration Permian’s previous quarterly dividend of $0.38. This represents a $1.60 dividend on an annualized basis and a yield of 6.0%. Riley Exploration Permian’s dividend payout ratio is 39.12%.

Insider Activity

In other news, insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $24.87, for a total transaction of $87,045.00. Following the completion of the sale, the insider owned 162,065 shares in the company, valued at $4,030,556.55. The trade was a 2.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Bobby Riley sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $25.05, for a total transaction of $313,125.00. Following the sale, the chief executive officer directly owned 369,431 shares of the company’s stock, valued at approximately $9,254,246.55. This trade represents a 3.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.70% of the company’s stock.

About Riley Exploration Permian

Riley Exploration Permian, Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in Texas and New Mexico. The company's activities are primarily focused on the Northwest Shelf and Yeso trend of the Permian Basin.