Riley Exploration Permian, Inc. (NYSE American:REPX) CEO Bobby Riley has sold a total of 25,000 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The transactions, which occurred on August 16 and August 19, resulted in proceeds exceeding $700,000.
The first sale on August 16 involved 19,499 shares at a weighted average price of $28.01, with individual sale prices ranging from $28.00 to $28.09. The second sale on August 19 consisted of 5,501 shares at an average price of $28.00, with shares sold at prices between $28.00 and $28.03. These sales were executed through open market transactions on the same day at different prices by a broker-dealer.
Following these transactions, CEO Bobby Riley retains ownership of 341,658 shares in the company, which includes 137,828 shares of restricted common stock subject to vesting and certain other restrictions. The details of the sales, including the number of shares sold at each separate price, are available upon request from the SEC, Riley Exploration Permian, or a shareholder of the issuer.
Investors often keep a close eye on insider sales as they may provide insights into executives' perspectives on the company's current valuation and future prospects. Riley Exploration Permian, Inc. specializes in crude petroleum and natural gas and is incorporated in Delaware.
In other recent news, Riley Exploration Permian has seen significant changes in its financial outlook. Truist Securities has revised its stock price target for the energy sector player to $45, down from $48, maintaining a Buy rating on the company's shares. This adjustment is based on changes in the firm's financial model, which now includes updated forecasts for the years 2024 through 2026 and a revised price deck. The new target price is a result of a dual-method valuation approach, considering both EBITDAX estimates and Free Cash Flow (FCF) to Enterprise Value (EV) Yield assumptions.
In terms of earnings and revenue, Riley Exploration Permian has reported a promising start to 2024, with a 4% increase in net oil production and a 7% rise in operating cash flow. The company has also successfully converted 40% of that cash flow into free cash flow. In a move to expand its operations, the firm acquired 13,900 contiguous net acres in Eddy County, New Mexico, which is expected to enhance its drilling locations and infrastructure.
In other company developments, Riley Permian's RPC (NYSE:RES) Power project is progressing, with projections to meet almost all power demand for the company's operations in Yoakum County. The company has also drilled seven net wells in the first quarter and plans to resume drilling operations soon. These are all recent developments providing insights into the company's performance and strategic decisions.
InvestingPro Insights
Riley Exploration Permian, Inc. (NYSE American:REPX) has recently been the subject of attention due to insider transactions, with CEO Bobby Riley selling a significant number of shares. For investors looking to understand the broader financial context of REPX, InvestingPro provides a detailed analysis of the company's performance and valuation metrics.
InvestingPro data reveals a promising picture of the company's profitability, with a P/E Ratio of 5.68 and an adjusted P/E Ratio for the last twelve months as of Q2 2024 sitting at 6.06. This indicates that the company is trading at a relatively low multiple of its earnings, which could be attractive to value-oriented investors. Additionally, the company's revenue growth for the last twelve months as of Q2 2024 stands at 24.09%, showcasing a strong year-over-year expansion in its top-line earnings.
One key InvestingPro Tip for REPX is the company's consistent dividend growth, having raised its dividend for three consecutive years. This could signal to investors a commitment to returning value to shareholders and a stable financial position. On the flip side, another InvestingPro Tip highlights that two analysts have revised their earnings expectations downwards for the upcoming period, which might warrant cautious optimism or further investigation by potential investors.
Investors interested in a deeper dive into REPX can find additional InvestingPro Tips that provide a comprehensive analysis of the company's financial health and future outlook. As of now, there are several more tips available on InvestingPro that could guide investment decisions regarding Riley Exploration Permian, Inc.
For those monitoring the company's performance, the next earnings date is set for November 11, 2024. Keeping an eye on this date may provide further insights into the company's trajectory and any potential impact of the insider sales on its market performance.
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