BlackRock Inc. Takes Position in Riley Exploration Permian, Inc. $REPX

Key Points

• BlackRock acquired 1.22 million REPX shares worth approximately $40.3 million, giving it a 5.64% stake. Overall, institutional investors and hedge funds own 58.91% of Riley Exploration Permian.
• Analysts maintain a generally positive outlook, with three Buy ratings and one Hold rating. The stock has a consensus “Moderate Buy” rating and a $43 price target.
• REPX recently paid a quarterly dividend of $0.40 per share, equivalent to an annualized $1.60 dividend and a 4.1% yield; insiders sold 20,000 shares during the last quarter.

BlackRock Inc. bought a new stake in Riley Exploration Permian, Inc. (NYSE:REPX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,222,746 shares of the company's stock, valued at approximately $40,302,000. BlackRock Inc. owned about 5.64% of Riley Exploration Permian at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Deutsche Bank AG bought a new stake in shares of Riley Exploration Permian in the second quarter worth $493,000. Bank of New York Mellon Corp acquired a new position in Riley Exploration Permian during the 2nd quarter valued at about $8,021,000. State of Wyoming acquired a new position in Riley Exploration Permian during the 2nd quarter valued at about $314,000. GSA Capital Partners LLP bought a new stake in Riley Exploration Permian during the 2nd quarter worth approximately $744,000. Finally, ARGA Investment Management LP purchased a new stake in shares of Riley Exploration Permian in the second quarter worth approximately $235,000. 58.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

REPX has been the subject of a number of analyst reports. Roth Capital reissued a "buy" rating and issued a $45.00 price target on shares of Riley Exploration Permian in a research report on Thursday, July 23rd. Truist Financial lowered their target price on shares of Riley Exploration Permian from $47.00 to $41.00 and set a "buy" rating on the stock in a research note on Wednesday, August 12th. Finally, Zacks Research downgraded shares of Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Riley Exploration Permian has a consensus rating of "Moderate Buy" and a consensus price target of $43.00.

Insider Buying and Selling

In other Riley Exploration Permian news, insider Corey Neil Riley sold 3,500 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $35.20, for a total transaction of $123,200.00. Following the sale, the insider directly owned 210,062 shares of the company's stock, valued at $7,394,182.40. This trade represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philip A. Riley sold 4,000 shares of the business's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $37.61, for a total value of $150,440.00. Following the completion of the transaction, the chief financial officer owned 235,503 shares in the company, valued at $8,857,267.83. The trade was a 1.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 20,000 shares of company stock valued at $721,765. Company insiders own 4.20% of the company's stock.

Riley Exploration Permian Price Performance

REPX stock opened at $39.43 on Wednesday. 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 firm has a 50 day moving average price of $35.04 and a 200-day moving average price of $34.58. Riley Exploration Permian, Inc. has a 52-week low of $24.08 and a 52-week high of $41.53. The firm has a market capitalization of $873.53 million, a price-to-earnings ratio of 6.99 and a beta of 0.93.

Riley Exploration Permian Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 12th. Investors of record on Wednesday, July 29th were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, July 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.1%. Riley Exploration Permian's payout ratio is 28.99%.

Riley Exploration Permian Profile

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.

Want to see what other hedge funds are holding REPX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Riley Exploration Permian, Inc. (NYSE:REPX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source