Bobby Riley, CEO of Riley Exploration Permian, Inc. (NYSE:REPX), has sold 1,310 shares of the company's common stock, totaling approximately $46,075. The company, currently valued at $750 million, has demonstrated strong performance with a 44% return over the past year and maintains a "GREAT" financial health rating according to InvestingPro analysis. The transaction, which took place on November 29, 2024, was executed under a pre-established Rule 10b5-1 trading plan. The shares were sold at a weighted average price of $35.1723, with individual sale prices ranging from $34.8700 to $35.3550. The stock is currently trading near its 52-week high of $37.15, and InvestingPro analysis indicates the stock is undervalued. Following this transaction, Riley holds 311,375 shares, including 85,315 shares of restricted common stock subject to vesting and other restrictions. For deeper insights and additional ProTips, explore the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Riley Exploration Permian reported substantial growth in its third quarter of 2024. The company's financial discipline was underlined by a 15th consecutive dividend increase of 6% to $0.38 per share and a reduction in debt by $35 million. The success of the 2024 drilling campaign was another highlight, leading to a 6% rise in net production and an 11% increase in equivalent production.
The company's commitment to long-term value creation and operational excellence is evident in its projected year-over-year oil production growth of 14%-15% for 2024. This growth is expected to be driven mainly by organic development and infrastructure investment. Riley Exploration Permian's free cash flow was substantial enough to facilitate a dividend increase, while its operating cash flow reached $72.1 million.
These recent developments also include progress on a CO2 pilot project and a joint venture with RPC (NYSE:RES) Power. Despite potential price fluctuations, market dynamics are anticipated to favor the company's strategies. These are the latest updates in a series of strategic moves by Riley Exploration Permian to maintain its growth trajectory amid market uncertainties.
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