Citadel Advisors LLC Cuts Stock Holdings in Riley Exploration Permian, Inc. $REPX

Key Points

• Citadel Advisors cut its Riley Exploration Permian stake by 52.5% in the second quarter, selling 120,706 shares and retaining 109,076 shares worth about $3.6 million. Institutional investors overall own 58.91% of the company.
• Riley Exploration Permian insiders sold shares recently, including CFO Philip Riley’s $150,440 sale and another insider’s $123,200 sale; insiders have sold 20,000 shares worth $721,765 over the past 90 days.
• The stock opened at $41.93, near its 52-week high, and pays a quarterly dividend of $0.40 per share, representing a 3.8% yield. Analysts maintain a “Moderate Buy” consensus with a $43 average target price.

Citadel Advisors LLC lowered its position in shares of Riley Exploration Permian, Inc. (NYSE:REPX - Free Report) by 52.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,076 shares of the company's stock after selling 120,706 shares during the period. Citadel Advisors LLC owned approximately 0.49% of Riley Exploration Permian worth $3,595,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. HighTower Advisors LLC bought a new stake in Riley Exploration Permian in the 2nd quarter worth about $960,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Riley Exploration Permian during the 2nd quarter valued at about $799,000. First Eagle Investment Management LLC lifted its stake in Riley Exploration Permian by 134.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 430,946 shares of the company's stock valued at $14,204,000 after acquiring an additional 246,798 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Riley Exploration Permian by 3,781.5% during the 2nd quarter. California State Teachers Retirement System now owns 482,271 shares of the company's stock valued at $14,632,000 after acquiring an additional 469,846 shares during the last quarter. Finally, Nykredit A S purchased a new stake in shares of Riley Exploration Permian during the 2nd quarter valued at about $63,000. Hedge funds and other institutional investors own 58.91% of the company's stock.

Insider Buying and Selling at Riley Exploration Permian

In other Riley Exploration Permian news, CFO Philip Riley sold 4,000 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $37.61, for a total value of $150,440.00. Following the transaction, the chief financial officer directly owned 235,503 shares in the company, valued at approximately $8,857,267.83. This trade represents a 1.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Corey Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction on Monday, August 10th. The stock was sold at an average price of $35.20, for a total transaction of $123,200.00. Following the transaction, the insider owned 210,062 shares in the company, valued at $7,394,182.40. This represents a 1.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 20,000 shares of company stock valued at $721,765. Insiders own 4.20% of the company's stock.

Riley Exploration Permian Stock Performance

Riley Exploration Permian stock opened at $41.93 on Tuesday. Riley Exploration Permian, Inc. has a 52-week low of $24.08 and a 52-week high of $42.11. The company has a market cap of $928.92 million, a P/E ratio of 7.43 and a beta of 0.96. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53. The business has a 50-day simple moving average of $35.74 and a two-hundred day simple moving average of $34.99.

Riley Exploration Permian Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on REPX. Zacks Research cut shares of Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. Truist Financial cut 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 reiterated a "buy" rating and set a $45.00 target price on shares of Riley Exploration Permian in a research note on Thursday, July 23rd. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Riley Exploration Permian has an average rating of "Moderate Buy" and a consensus target price of $43.00.

Riley Exploration Permian Company 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.

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