Riley Exploration Permian (NYSE:REPX) Stock Price Up 4% – Still a Buy?

Riley Exploration Permian, Inc. (NYSE:REPX) shares traded up 4% during trading on Monday . The stock traded as high as $34.76 and last traded at $34.47. Approximately 246,609 shares traded hands during trading, a decline of 30% from the average daily volume of 352,533 shares. The stock had previously closed at $33.13.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on REPX. Truist Financial began coverage on shares of Riley Exploration Permian in a report on Tuesday, March 24th. They issued a “buy” rating and a $47.00 price target for the company. Zacks Research downgraded Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. Finally, Roth Capital reiterated a “buy” rating on shares of Riley Exploration Permian in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $41.50.

Riley Exploration Permian Stock Performance

The stock has a market capitalization of $747.86 million, a price-to-earnings ratio of 6.11 and a beta of 0.91. 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 stock has a 50-day moving average of $34.79 and a 200 day moving average of $32.37.

Insider Activity

In related news, CEO Bobby Riley sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $34.45, for a total transaction of $430,625.00. Following the completion of the sale, the chief executive officer directly owned 313,020 shares of the company’s stock, valued at $10,783,539. The trade was a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Corey Neil Riley sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $34.37, for a total transaction of $120,295.00. Following the sale, the insider directly owned 148,472 shares of the company’s stock, valued at approximately $5,102,982.64. This trade represents a 2.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Riley Exploration Permian

Hedge funds and other institutional investors have recently bought and sold shares of the business. Aster Capital Management DIFC Ltd bought a new stake in shares of Riley Exploration Permian during the 4th quarter valued at $27,000. Royal Bank of Canada boosted its position in shares of Riley Exploration Permian by 210.9% in the 4th quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock worth $31,000 after purchasing an additional 772 shares during the last quarter. Quarry LP bought a new position in shares of Riley Exploration Permian in the 3rd quarter worth $46,000. Advisory Services Network LLC acquired a new stake in shares of Riley Exploration Permian during the third quarter worth $65,000. Finally, Parkwood LLC acquired a new stake in shares of Riley Exploration Permian during the third quarter worth $68,000. 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.