In a recent transaction, an insider at Riley Exploration Permian, Inc. (NYSE:REPX) has made a significant purchase of the company's common stock. Balmon Investments Ltd., a ten percent owner of the company, acquired 75,000 shares at a price of $27.00 per share, totaling approximately $2.03 million.
This transaction, which took place on April 4, 2024, was reported in a Form 4 filing with the Securities and Exchange Commission. According to the filing, these shares are owned directly by Balmon Investments Ltd., which is wholly owned by Alvin Gerald Libin. As a result of this purchase, Balmon Investments Ltd. now holds a total of 2,194,921 shares in Riley Exploration Permian.
The shares are indirectly beneficially owned by Alvin Gerald Libin, who has a significant stake in the company through his ownership of Balmon Investments Ltd. The filing also noted that shares previously owned directly by Balmon California, Inc., which is a wholly owned subsidiary of Balmon Investments Ltd., are now directly owned by Balmon Investments Ltd.
This purchase is notable as it reflects a substantial investment by an insider in the company's stock, indicating a potential positive outlook on the company's future performance. Investors often monitor insider transactions as they can provide insights into the company's internal expectations and strategic direction.
Riley Exploration Permian, based in Oklahoma City, operates in the crude petroleum and natural gas industry and is incorporated in Delaware. The company's business address is listed as 29 E. Reno Avenue, Suite 500, Oklahoma City, OK 73104, with a business phone number of 405-415-8699.
The Form 4 filing was signed by Mark MacInnes, who is an authorized signatory, on April 8, 2024.
InvestingPro Insights
The insider acquisition at Riley Exploration Permian, Inc. (NYSE:REPX) by Balmon Investments Ltd. signals heightened confidence in the company's prospects. Supporting this positive sentiment are several key metrics and insights from InvestingPro. Notably, the company has managed to raise its dividend for three consecutive years, which is often a sign of financial health and a commitment to returning value to shareholders. This aligns with the company's strong financial performance, reflected in a robust gross profit margin of 77.35% over the last twelve months as of Q1 2023, and an operating income margin of 47.38%.
Investors considering REPX will find that despite a recent price drop, with a 1-week total return of -15.25%, the company's fundamentals remain solid. Analysts predict that Riley Exploration Permian will be profitable this year, a projection that is substantiated by the company being profitable over the last twelve months. These factors, combined with a P/E ratio of 5.37 and a dividend yield of 5.04%, may offer an attractive entry point for value-oriented investors.
For those interested in deeper analysis, InvestingPro provides additional insights. For instance, while the stock has taken a hit over the last week, the InvestingPro Tips indicate that the RSI suggests the stock is in overbought territory, which could be a cautionary signal for short-term investors. Moreover, it's worth noting that the company's short-term obligations exceed its liquid assets, a factor that could impact financial flexibility.
To access a full range of InvestingPro Tips that could help navigate the investment landscape of Riley Exploration Permian, visit InvestingPro. There are 6 additional tips available, which could be particularly useful for making informed decisions. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This special offer enhances the value proposition for those seeking comprehensive financial analysis and proprietary data.
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