Top 10 Oil and Gas Stocks To Buy According to Analysts

6. Riley Exploration Permian Inc (NYSE:REPX)

Average Analyst Price Target: $45.00

Upside Potential: 29.01%

Number of Hedge Fund Holders as of Q3: 11

Riley Exploration Permian, Inc. (NYSE:REPX) specializes in the exploration, refinement, and development of oil and natural gas, operating within the Permian Basin across Texas and New Mexico.

The company delivered a strong Q3 2024 performance, highlighted by its 15th consecutive dividend declaration, which was increased by 6% to $0.38 per share, and a $35 million reduction in debt. Additionally, Riley Exploration Permian, Inc. (NYSE:REPX) reported a 6% rise in net production and an 11% increase in equivalent production, driven by the success of its 2024 drilling campaign.

Riley Exploration Permian, Inc. (NYSE:REPX) remains focused on long-term value creation and operational excellence, emphasizing infrastructure investments and organic growth. This approach is fueling a projected 14%-15% year-over-year oil production growth in 2024. The company also announced a reduction in fourth-quarter capital expenditure guidance, along with advancements in its CO2 pilot project and RPC Power joint venture.