In a recent transaction on June 14th, Corey Neil Riley, the Chief Investment Officer and Chief Compliance Officer of Riley Exploration Permian, Inc. (NYSE:REPX), sold 2,500 shares of the company's common stock. The sale was executed at an average price of $26.612 per share, with the total transaction amounting to approximately $66,530.
The shares were sold at prices ranging from $26.555 to $26.675, reflecting the volume-weighted average sale price for that day. The transactions were conducted in the open market through a broker-dealer, with the prices of the shares sold varying within a one-dollar range throughout the trading day.
Following the sale, Corey Neil Riley's ownership in the company stands at 146,837 shares of common stock, which includes 99,558 shares of restricted common stock. These restricted shares are subject to certain conditions including vesting and other restrictions.
The sale by Riley represents a notable transaction by a key insider of the company, providing investors with insight into executive sentiment at Riley Exploration Permian, a company operating within the crude petroleum and natural gas sector, with its headquarters in Oklahoma City, Oklahoma.
In other recent news, Riley Exploration Permian showcased growth in Q1 2024 with a 4% increase in net oil production from the previous quarter. The company is also progressing with its 2024 plan, focusing on oil growth and reducing capital expenditures. A notable development was the acquisition of 13,900 contiguous net acres in Eddy County, New Mexico, a move expected to enhance the company's drilling locations and infrastructure.
Riley Permian's financial performance included a 7% increase in operating cash flow before working capital changes, with 40% of that converted into free cash flow. The RPC (NYSE:RES) Power project is advancing, anticipated to meet almost all of the power demand for the company's operations in Yoakum County.
Jeff Robertson from Water Tower Research inquired about the economic implications of self-powering the Champions acreage during the Q&A session. The company's strategic decision to self-generate power using residue gas is expected to yield high-teen returns and a 35% ownership in the power company.
These are some recent developments in Riley Exploration Permian's operations and financial performance.
InvestingPro Insights
Amid the insider transaction activities at Riley Exploration Permian, Inc. (NYSE:REPX), investors may find it beneficial to consider the latest financial metrics and analyst insights provided by InvestingPro. With a P/E Ratio (Adjusted) of 5.37 and a Price / Book ratio of 1.49 as of the last twelve months, the company's valuation metrics suggest a potentially attractive investment when compared to industry peers. Additionally, Riley Exploration Permian reported a substantial Revenue Growth of 26.83% over the last twelve months, indicating a strong upward trend in the company's earnings potential.
InvestingPro Tips highlight that REPX has consistently raised its dividend for the past three years, which could be a positive signal for income-focused investors, especially considering the current Dividend Yield of 5.42%. Moreover, two analysts have revised their earnings estimates upwards for the upcoming period, which may reflect a positive outlook on the company's future performance. It's noteworthy that analysts also predict REPX will be profitable this year, further underlining the potential for growth. However, it is important to keep in mind that the company's short term obligations exceed its liquid assets, which could pose a liquidity risk.
For investors looking for more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/REPX. To access these valuable insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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