Truist Financial Begins Coverage on Riley Exploration Permian (NYSE:REPX)

Truist Financial started coverage on shares of Riley Exploration Permian (NYSE:REPX) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $47.00 price target on the stock. Truist Financial’s price objective would suggest a potential upside of 28.87% from the company’s current price.

Several other brokerages have also recently weighed in on REPX. Zacks Research cut shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 13th. William Blair reaffirmed an “outperform” rating on shares of Riley Exploration Permian in a research report on Thursday, March 5th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Riley Exploration Permian has an average rating of “Buy” and a consensus price target of $41.50.

Riley Exploration Permian Stock Up 1.0%

NYSE:REPX opened at $36.47 on Tuesday. Riley Exploration Permian has a one year low of $21.98 and a one year high of $36.47. 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 company has a market cap of $786.55 million, a PE ratio of 6.47 and a beta of 1.22. The firm’s 50 day simple moving average is $29.74 and its 200 day simple moving average is $27.79.

Riley Exploration Permian declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 16th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 18% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Corey Neil Riley sold 3,500 shares of the business’s stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $27.41, for a total transaction of $95,935.00. Following the transaction, the insider owned 158,565 shares in the company, valued at $4,346,266.65. The trade was a 2.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Bobby Riley sold 12,500 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $27.79, for a total transaction 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. This represents 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 currently owned by corporate insiders.

Institutional Investors Weigh In On Riley Exploration Permian

Several hedge funds and other institutional investors have recently bought and sold shares of REPX. McAlvany Wealth Management LLC bought a new position in shares of Riley Exploration Permian during the 4th quarter worth about $943,000. Invesco Ltd. grew its stake in shares of Riley Exploration Permian by 38.8% in the 4th quarter. Invesco Ltd. now owns 29,903 shares of the company’s stock valued at $789,000 after buying an additional 8,363 shares during the period. Mackenzie Financial Corp increased its position in Riley Exploration Permian by 12.3% in the 4th quarter. Mackenzie Financial Corp now owns 163,215 shares of the company’s stock valued at $4,364,000 after buying an additional 17,941 shares in the last quarter. VARCOV Co. bought a new stake in Riley Exploration Permian in the 4th quarter valued at about $304,000. Finally, Susquehanna Portfolio Strategies LLC raised its stake in Riley Exploration Permian by 19.8% during the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 18,178 shares of the company’s stock worth $480,000 after buying an additional 3,001 shares during the period. 58.91% of the stock is owned by 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.