Riley Exploration Permian (NYSE:REPX) Upgraded at Zacks Research

Riley Exploration Permian (NYSE:REPX) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

A number of other research analysts have also weighed in on the company. William Blair initiated coverage on Riley Exploration Permian in a research report on Friday, November 21st. They set an “outperform” rating for the company. Roth Capital started coverage on Riley Exploration Permian in a report on Monday, October 13th. They set a “buy” rating and a $36.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to MarketBeat, Riley Exploration Permian presently has a consensus rating of “Strong Buy” and an average price target of $36.00.

Riley Exploration Permian Stock Performance

REPX opened at $27.50 on Thursday. 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 market capitalization of $604.15 million, a price-to-earnings ratio of 4.88 and a beta of 1.03. The company has a fifty day moving average of $26.52 and a 200 day moving average of $26.93. Riley Exploration Permian has a fifty-two week low of $21.98 and a fifty-two week high of $37.55.

Riley Exploration Permian announced that its board has authorized a stock buyback plan on Tuesday, December 16th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 18% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Riley Exploration Permian news, CEO Bobby Riley sold 20,000 shares of Riley Exploration Permian stock in a transaction on Friday, December 19th. The shares were sold at an average price of $25.91, for a total transaction of $518,200.00. Following the completion of the transaction, the chief executive officer directly owned 349,431 shares of the company’s stock, valued at $9,053,757.21. The trade was a 5.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Corey Neil Riley sold 3,500 shares of the stock in a transaction 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 directly owned 162,065 shares in the company, valued at approximately $4,030,556.55. This represents a 2.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 36,000 shares of company stock valued at $918,370. 4.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of REPX. Quarry LP bought a new stake in shares of Riley Exploration Permian during the 3rd quarter worth approximately $46,000. Advisory Services Network LLC bought a new stake in shares of Riley Exploration Permian during the third quarter worth $65,000. Parkwood LLC bought a new stake in shares of Riley Exploration Permian during the third quarter worth $68,000. Osaic Holdings Inc. grew its holdings in shares of Riley Exploration Permian by 442.4% in the second quarter. Osaic Holdings Inc. now owns 4,231 shares of the company’s stock worth $111,000 after purchasing an additional 3,451 shares during the last quarter. Finally, State of Wyoming bought a new position in shares of Riley Exploration Permian in the third quarter worth about $120,000. Hedge funds and other institutional investors own 58.91% of the company’s stock.

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.