Bobby Riley, CEO of Riley Exploration Permian Inc. (NYSE:REPX), recently sold a significant portion of his shares in the company. According to a Form 4 filing with the Securities and Exchange Commission, Riley disposed of 13,690 shares over two days, November 26 and November 27, 2024. The sales were executed at prices ranging from $35.05 to $36.03 per share, amounting to a total transaction value of approximately $480,473. The transaction comes as REPX trades near its 52-week high of $37.15, with the stock delivering an impressive 35.83% return year-to-date.
These transactions were part of a pre-established Rule 10b5-1 trading plan, which Riley adopted on August 21, 2024. Following these sales, Riley retains ownership of 312,685 shares, which includes 85,315 shares of restricted common stock subject to vesting and other conditions. The sales were conducted in the open market at varying prices within specified ranges. With a P/E ratio of 6.22 and a dividend yield of 4.34%, InvestingPro analysis suggests the stock is currently undervalued. Discover more insights and 8 additional ProTips for REPX with an InvestingPro subscription, including detailed financial health metrics and comprehensive Pro Research Reports available for over 1,400 US stocks.
In other recent news, Riley Exploration Permian has reported substantial growth in its Q3 performance for 2024. Notably, the company declared a 15th consecutive dividend, increased by 6% to $0.38 per share, and reduced its debt by $35 million, demonstrating prudent financial management. The operational success of its 2024 drilling campaign led to a 6% increase in net production and an 11% rise in equivalent production.
These recent developments suggest that Riley Exploration Permian is prioritizing long-term value creation and operational excellence. The company's investment in infrastructure and organic development is projected to drive a 14%-15% year-over-year oil production growth for 2024.
Furthermore, Riley Exploration Permian's free cash flow facilitated a 6% dividend increase, and the company has consistently returned value to shareholders, with $98 million since 2021. Its operating cash flow reached $72.1 million, and the year's free cash flow was $99 million.
In terms of future expectations, Riley Exploration Permian anticipates a 14%-15% oil production growth for the full year 2024 compared to 2023, mainly from organic development. The company's power initiative is also expected to lower operational downtime and improve reliability. However, immediate power savings from the new initiative may be limited.
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