CWA Asset Management Group LLC Purchases 137,997 Shares of Riley Exploration Permian, Inc. $REPX

Key Points

• CWA Asset Management Group acquired 137,997 shares of Riley Exploration Permian worth approximately $5.5 million, joining several institutional investors that have increased their holdings. Institutions now own 58.91% of REPX.
• Analysts maintain a positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $43.00, despite Truist lowering its target to $41.00.
• Riley Exploration Permian raised its quarterly dividend from $0.40 to $0.42 per share, implying an annualized dividend of $1.68 and a 3.4% yield. Shares recently traded at $49.28, near their 52-week high.

CWA Asset Management Group LLC acquired a new position in Riley Exploration Permian, Inc. (NYSE:REPX - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 137,997 shares of the company's stock, valued at approximately $5,521,000. CWA Asset Management Group LLC owned about 0.62% of Riley Exploration Permian as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Riley Exploration Permian during the second quarter valued at about $40,302,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Riley Exploration Permian by 572.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 608,833 shares of the company's stock worth $22,192,000 after purchasing an additional 518,340 shares in the last quarter. First Eagle Investment Management LLC increased its stake in shares of Riley Exploration Permian by 134.0% in the second quarter. First Eagle Investment Management LLC now owns 430,946 shares of the company's stock worth $14,204,000 after purchasing an additional 246,798 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Riley Exploration Permian in the second quarter valued at approximately $8,021,000. Finally, Denali Advisors LLC raised its position in shares of Riley Exploration Permian by 1,524.2% in the second quarter. Denali Advisors LLC now owns 228,051 shares of the company's stock valued at $7,517,000 after purchasing an additional 214,010 shares during the period. 58.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Roth Capital reaffirmed a "buy" rating and issued a $45.00 price objective on shares of Riley Exploration Permian in a report on Thursday, July 23rd. Truist Financial reduced their price objective on shares of Riley Exploration Permian from $47.00 to $41.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

Riley Exploration Permian Stock Up 1.2%

Shares of NYSE REPX opened at $49.28 on Tuesday. Riley Exploration Permian, Inc. has a 52 week low of $24.08 and a 52 week high of $49.85. The business has a 50-day simple moving average of $41.39 and a two-hundred day simple moving average of $37.34. 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 company has a market cap of $1.09 billion, a P/E ratio of 8.74 and a beta of 1.05.

Riley Exploration Permian Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Investors of record on Wednesday, October 28th will be paid a dividend of $0.42 per share. This is an increase from Riley Exploration Permian's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, October 28th. Riley Exploration Permian's dividend payout ratio is presently 30.43%.

Insider Activity at Riley Exploration Permian

In related news, insider Corey Riley sold 3,500 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $35.20, for a total transaction of $123,200.00. Following the sale, the insider owned 210,062 shares of the company's stock, valued at approximately $7,394,182.40. This represents a 1.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Bobby Riley sold 12,500 shares of the company's 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 sale, the chief executive officer directly owned 482,983 shares in the company, valued at $17,314,940.55. This trade represents a 2.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 20,000 shares of company stock valued at $721,765. Corporate insiders own 4.20% of the company's stock.

About Riley Exploration Permian

Riley Exploration Permian, Inc is an independent oil and natural gas exploration and production company focused on the development of assets in the Permian Basin. The company's operations are concentrated in southeastern New Mexico and West Texas, where it acquires, develops and produces hydrocarbons from unconventional formations.

Its production portfolio includes crude oil, natural gas liquids and natural gas. Riley Exploration Permian emphasizes the development of operated acreage through horizontal drilling and completion programs, as well as the efficient management of its existing wells and infrastructure.

The company completed its initial public offering in 2021 and its common stock trades on the New York Stock Exchange under the symbol REPX.

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).

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