Bobby Riley Sells 20,000 Shares of Riley Exploration Permian (NYSE:REPX) Stock

Riley Exploration Permian, Inc. (NYSE:REPX) CEO Bobby Riley sold 20,000 shares of the business’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $25.91, for a total transaction of $518,200.00. Following the completion of the sale, the chief executive officer owned 349,431 shares in the company, valued at approximately $9,053,757.21. This trade represents a 5.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 transaction of $313,125.00.

Riley Exploration Permian Trading Up 0.4%

REPX opened at $25.84 on Wednesday. The stock has a 50-day moving average of $26.48 and a 200 day moving average of $27.06. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.53. Riley Exploration Permian, Inc. has a 12 month low of $21.98 and a 12 month high of $37.55. The firm has a market cap of $567.68 million, a P/E ratio of 4.58 and a beta of 1.02.

Riley Exploration Permian Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 6th. Investors of record on Tuesday, October 21st were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 6.2%. The ex-dividend date was Tuesday, October 21st. This is a boost from Riley Exploration Permian’s previous quarterly dividend of $0.38. Riley Exploration Permian’s payout ratio is currently 39.12%.

Riley Exploration Permian announced that its Board of Directors has initiated a share repurchase 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in REPX. American Century Companies Inc. boosted its position in Riley Exploration Permian by 25.8% in the 1st quarter. American Century Companies Inc. now owns 484,614 shares of the company’s stock valued at $14,136,000 after buying an additional 99,273 shares during the period. Nuveen LLC purchased a new position in shares of Riley Exploration Permian during the first quarter worth approximately $926,000. Geode Capital Management LLC raised its stake in shares of Riley Exploration Permian by 14.9% during the second quarter. Geode Capital Management LLC now owns 319,695 shares of the company’s stock valued at $8,386,000 after acquiring an additional 41,574 shares in the last quarter. Petrus Trust Company LTA purchased a new stake in shares of Riley Exploration Permian in the first quarter valued at approximately $286,000. Finally, Mackenzie Financial Corp boosted its holdings in shares of Riley Exploration Permian by 83.5% in the second quarter. Mackenzie Financial Corp now owns 121,731 shares of the company’s stock valued at $3,193,000 after purchasing an additional 55,400 shares during the period. 58.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

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.