Empowered Funds LLC Invests $2.33 Million in Riley Exploration Permian, Inc. $REPX

Key Points

• Empowered Funds LLC acquired 70,582 shares of Riley Exploration Permian worth approximately $2.33 million, while institutional investors collectively owned 58.91% of the company.
• REPX shares recently traded at $41.22, near their 12-month high of $41.60. The company pays a quarterly dividend of $0.40, equivalent to an annualized yield of approximately 3.9%.
• Analysts maintain a generally positive view, with three Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $43.00.

Empowered Funds LLC acquired a new stake in Riley Exploration Permian, Inc. (NYSE:REPX - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 70,582 shares of the company's stock, valued at approximately $2,326,000. Empowered Funds LLC owned approximately 0.32% of Riley Exploration Permian at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of REPX. BlackRock Inc. purchased a new position in Riley Exploration Permian during the 2nd quarter valued at about $40,302,000. Dimensional Fund Advisors LP grew its position in Riley Exploration Permian by 15.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 616,564 shares of the company's stock valued at $22,474,000 after acquiring an additional 80,770 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Riley Exploration Permian by 572.8% during 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 during the period. Geode Capital Management LLC increased its stake in Riley Exploration Permian by 9.8% during the fourth quarter. Geode Capital Management LLC now owns 303,060 shares of the company's stock worth $8,003,000 after purchasing an additional 27,168 shares during the period. Finally, Kennedy Capital Management LLC lifted its position in shares of Riley Exploration Permian by 15.0% during the third quarter. Kennedy Capital Management LLC now owns 248,663 shares of the company's stock worth $6,741,000 after purchasing an additional 32,522 shares in the last quarter. Hedge funds and other institutional investors own 58.91% of the company's stock.

Insider Activity

In related news, CFO Philip A. Riley sold 4,000 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 235,503 shares in the company, valued at approximately $8,857,267.83. This represents a 1.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Corey Neil Riley sold 3,500 shares of the firm'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 completion of the sale, the insider directly owned 210,062 shares in the company, valued at approximately $7,394,182.40. This trade 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. In the last quarter, insiders sold 20,000 shares of company stock worth $721,765. 4.20% of the stock is currently owned by company insiders.

Riley Exploration Permian Trading Up 4.5%

NYSE:REPX opened at $41.22 on Thursday. Riley Exploration Permian, Inc. has a 12-month low of $24.08 and a 12-month high of $41.60. The firm has a market cap of $913.19 million, a PE ratio of 7.31 and a beta of 0.96. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average price of $35.21 and a 200 day moving average price of $34.68.

Riley Exploration Permian Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 12th. Shareholders of record on Wednesday, July 29th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, July 29th. This represents a $1.60 dividend on an annualized basis and a yield of 3.9%. Riley Exploration Permian's dividend payout ratio (DPR) is currently 28.99%.

Analysts Set New Price Targets

Several research firms have recently commented on REPX. Zacks Research lowered shares of Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a research note 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 on the stock in a research note 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 report on Thursday, July 23rd. Three investment 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 company currently has an average rating of "Moderate Buy" and a consensus price target of $43.00.

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).

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