Riley Exploration Permian (NYSE:REPX) Shares Gap Down – Time to Sell?
by Kim Johansen · The Markets DailyRiley Exploration Permian, Inc. (NYSE:REPX – Get Free Report)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $40.00, but opened at $35.86. Riley Exploration Permian shares last traded at $38.0250, with a volume of 115,618 shares changing hands.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on REPX shares. William Blair reiterated an “outperform” rating on shares of Riley Exploration Permian in a research note on Thursday, March 5th. Truist Financial assumed coverage on shares of Riley Exploration Permian in a report on Tuesday, March 24th. They set a “buy” rating and a $47.00 target price for the company. Finally, Zacks Research upgraded shares of Riley Exploration Permian from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Three investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat.com, the company has an average rating of “Strong Buy” and an average target price of $41.50.
Read Our Latest Stock Analysis on Riley Exploration Permian
Riley Exploration Permian Stock Performance
The firm’s 50 day simple moving average is $31.92 and its 200 day simple moving average is $28.54. The firm has a market cap of $851.36 million, a PE ratio of 6.99 and a beta of 1.10. 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 announced that its board has initiated a share buyback plan on Tuesday, December 16th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 18% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Insider Transactions at Riley Exploration Permian
In other Riley Exploration Permian news, CEO Bobby Riley sold 12,500 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer directly owned 336,931 shares of the company’s stock, valued at $9,363,312.49. The trade was a 3.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Corey Neil Riley sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $27.41, for a total value of $95,935.00. Following the completion of the sale, the insider directly owned 158,565 shares of the company’s stock, valued at $4,346,266.65. The trade was a 2.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 3.90% of the company’s stock.
Hedge Funds Weigh In On Riley Exploration Permian
Several large investors have recently modified their holdings of REPX. Aster Capital Management DIFC Ltd purchased a new stake in shares of Riley Exploration Permian in the fourth quarter valued at $27,000. Royal Bank of Canada grew its holdings in Riley Exploration Permian by 210.9% during the 4th quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock valued at $31,000 after purchasing an additional 772 shares during the last quarter. Quarry LP purchased a new stake in Riley Exploration Permian in the 3rd quarter worth about $46,000. Advisory Services Network LLC bought a new stake in Riley Exploration Permian in the third quarter worth about $65,000. Finally, Parkwood LLC purchased a new position in shares of Riley Exploration Permian during the third quarter valued at approximately $68,000. 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.