REPX - Riley Exploration rallied after Truist raised PT on earnings growth cash flow

Shares of little-known Riley Exploration Permian (NYSE:REPX) skyrocketed 18% in Tuesday's trading after analysts at Truist Securities reiterated their Buy recommendation and hiked their price target to $55 from $50, saying the oil and gas company boasts a strong balance sheet and solid operations. "We would not be surprised to see the company extend its drilling campaign this year resulting in even higher than expected production growth," Truist said, and not only does the company pay a 5%-plus dividend, "we forecast sequential production growth of at least 13% this year with the ability to notably boost growth when desired." Truist said better than average cash flow and earnings growth are the key drivers for its decision to raise the price target. Riley Exploration recently reported that it easily beat analyst estimates for FQ1 earnings and revenues.

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Riley Exploration rallied after Truist raised PT on earnings growth, cash flow