Envestnet Asset Management Inc. Acquires 34,425 Shares of Riley Exploration Permian, Inc. $REPX

Key Points

• Envestnet Asset Management initiated a 34,425-share position in Riley Exploration Permian valued at approximately $1.14 million. Institutional investors collectively own 58.91% of REPX, with several large funds increasing their holdings.
• Company insiders have been selling shares, including CFO Philip Riley and insider Corey Riley, while insiders sold 20,000 shares worth $721,765 over the past three months.
• REPX traded at $43.21, near its 52-week high, and pays a quarterly dividend of $0.40 per share for a 3.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $43.00.

Envestnet Asset Management Inc. bought 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 filing with the Securities and Exchange Commission. The fund bought 34,425 shares of the company's stock, valued at approximately $1,135,000. Envestnet Asset Management Inc. owned 0.16% of Riley Exploration Permian as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of REPX. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Riley Exploration Permian during the 2nd quarter worth approximately $799,000. McAlvany Wealth Management LLC acquired a new stake in Riley Exploration Permian in the fourth quarter valued at approximately $943,000. State Street Corp grew its stake in Riley Exploration Permian by 30.4% in the second quarter. State Street Corp now owns 325,904 shares of the company's stock valued at $10,742,000 after acquiring an additional 75,993 shares during the period. First Eagle Investment Management LLC increased its holdings in shares of Riley Exploration Permian by 134.0% during the second 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 in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Riley Exploration Permian by 608.2% during the first quarter. Bank of America Corp DE now owns 196,032 shares of the company's stock valued at $7,145,000 after acquiring an additional 168,352 shares in the last quarter. 58.91% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Riley Exploration Permian news, 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 transaction, the chief financial officer directly owned 235,503 shares of the company's stock, valued at $8,857,267.83. The trade was a 1.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Corey Riley sold 3,500 shares of the company's 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 completion of the sale, the insider owned 210,062 shares of the company's stock, valued at approximately $7,394,182.40. The trade was 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. Insiders have sold 20,000 shares of company stock valued at $721,765 in the last three months. 4.20% of the stock is currently owned by insiders.

Riley Exploration Permian Price Performance

REPX stock opened at $43.21 on Thursday. The company has a market capitalization of $957.27 million, a P/E ratio of 7.66 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70. Riley Exploration Permian, Inc. has a 52-week low of $24.08 and a 52-week high of $45.31. The business has a 50-day simple moving average of $39.35 and a two-hundred day simple moving average of $36.74.

Riley Exploration Permian Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 12th. Shareholders 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 annualized dividend and a yield of 3.7%. Riley Exploration Permian's dividend payout ratio (DPR) is 28.99%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on REPX shares. Roth Capital reiterated a "buy" rating and issued a $45.00 target price on shares of Riley Exploration Permian in a report on Thursday, July 23rd. Truist Financial decreased their price target 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 given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Riley Exploration Permian Company Profile

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.

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