Bank of New York Mellon Corp Makes New Investment in Riley Exploration Permian, Inc. $REPX

Key Points

• Bank of New York Mellon acquired 243,344 shares of Riley Exploration Permian worth approximately $8.0 million, giving it a 1.12% stake. Institutional investors and hedge funds collectively own 58.91% of the company.
• Analysts maintain a generally positive outlook, with three Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and a $43.00 price target. Truist lowered its target to $41, while Roth Capital maintained a $45 target.
• Riley Exploration Permian pays a quarterly dividend of $0.40 per share, equal to a $1.60 annualized payout and a 3.8% yield. Meanwhile, company insiders sold 20,000 shares worth approximately $721,765 during the last quarter.

Bank of New York Mellon Corp purchased a new stake in shares of Riley Exploration Permian, Inc. (NYSE:REPX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 243,344 shares of the company's stock, valued at approximately $8,021,000. Bank of New York Mellon Corp owned approximately 1.12% of Riley Exploration Permian at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new stake in Riley Exploration Permian during the 4th quarter worth about $27,000. Royal Bank of Canada raised its stake in shares of Riley Exploration Permian by 210.9% in the fourth quarter. Royal Bank of Canada now owns 1,138 shares of the company's stock worth $31,000 after purchasing an additional 772 shares during the last quarter. Quarry LP acquired a new stake in shares of Riley Exploration Permian during the third quarter worth about $46,000. Advisory Services Network LLC purchased a new stake in Riley Exploration Permian in the third quarter valued at approximately $65,000. Finally, Parkwood LLC acquired a new position in Riley Exploration Permian in the 3rd quarter worth approximately $68,000. 58.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Zacks Research downgraded shares of Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. Truist Financial decreased their target price on shares of Riley Exploration Permian from $47.00 to $41.00 and set a "buy" rating for the company in a research report on Wednesday, August 12th. Finally, Roth Capital reaffirmed a "buy" rating and set a $45.00 price target on shares of Riley Exploration Permian in a research report on Thursday, July 23rd. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Riley Exploration Permian presently has an average rating of "Moderate Buy" and a consensus target price of $43.00.

Insider Activity

In other news, CEO Bobby Riley sold 12,500 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $35.85, for a total transaction of $448,125.00. Following the transaction, the chief executive officer owned 482,983 shares in the company, valued at $17,314,940.55. This trade represents a 2.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philip Riley sold 4,000 shares of Riley Exploration Permian stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $37.61, for a total transaction of $150,440.00. Following the completion of the sale, the chief financial officer directly owned 235,503 shares in the company, valued at $8,857,267.83. This represents a 1.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 20,000 shares of company stock worth $721,765 in the last quarter. Corporate insiders own 4.20% of the company's stock.

Riley Exploration Permian Stock Performance

Shares of NYSE REPX opened at $42.09 on Friday. Riley Exploration Permian, Inc. has a 1 year low of $24.08 and a 1 year high of $42.11. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70. The company's fifty day moving average price is $35.40 and its 200 day moving average price is $34.78. The company has a market capitalization of $932.46 million, a PE ratio of 7.46 and a beta of 0.96.

Riley Exploration Permian Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Wednesday, July 29th. Riley Exploration Permian's dividend payout ratio is presently 28.99%.

About Riley Exploration Permian

Riley Exploration Permian, Inc NYSE: REPX is a special purpose acquisition company formed to identify, acquire and operate assets in the oil and natural gas sector, with a dedicated focus on the Permian Basin. Incorporated in Delaware, the company completed its initial public offering on the New York Stock Exchange and is positioned to pursue a business combination with one or more upstream or midstream energy businesses. Riley Exploration Permian’s strategy centers on leveraging the region’s prolific reservoirs and existing infrastructure to drive growth and value for its shareholders.

The company seeks to target exploration and production assets in both the Midland and Delaware sub-basins of West Texas and southeastern New Mexico, where extensive pipeline networks and favorable geologic characteristics support efficient development.

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