Lazard Asset Management LLC Has $2.88 Million Holdings in Riley Exploration Permian, Inc. $REPX

Key Points

• Institutional ownership increased significantly: Lazard Asset Management raised its Riley Exploration Permian stake by 567.8% to 79,098 shares, while other major investors also added positions. Institutional investors and hedge funds now own 58.91% of the stock.
• Insiders sold shares under pre-arranged plans: CEO Bobby Riley sold 12,500 shares for approximately $430,625, while insider Corey Neil Riley sold 3,500 shares for about $120,295. Corporate insiders retain a 4.20% ownership stake.
• Analysts remain broadly positive and the stock offers a notable dividend: REPX has an average “Buy” rating and a $46 price target, compared with an opening price of $34.27. The company declared a quarterly dividend of $0.40, equivalent to a 4.7% annualized yield.

Lazard Asset Management LLC grew its stake in Riley Exploration Permian, Inc. (NYSE:REPX - Free Report) by 567.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 79,098 shares of the company's stock after acquiring an additional 67,254 shares during the period. Lazard Asset Management LLC owned 0.36% of Riley Exploration Permian worth $2,883,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of REPX. Renaissance Technologies LLC grew its stake in shares of Riley Exploration Permian by 134.5% during the first quarter. Renaissance Technologies LLC now owns 142,100 shares of the company's stock valued at $5,180,000 after purchasing an additional 81,500 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Riley Exploration Permian by 572.8% in the 1st 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 last quarter. Sei Investments Co. lifted its holdings in Riley Exploration Permian by 90.0% during the 1st quarter. Sei Investments Co. now owns 41,484 shares of the company's stock worth $1,512,000 after buying an additional 19,650 shares in the last quarter. State of Wyoming lifted its holdings in Riley Exploration Permian by 47.4% during the 1st quarter. State of Wyoming now owns 7,386 shares of the company's stock worth $269,000 after buying an additional 2,375 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in Riley Exploration Permian by 53.0% in the 1st quarter. First Trust Advisors LP now owns 193,512 shares of the company's stock valued at $7,054,000 after buying an additional 67,005 shares during the last quarter. 58.91% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Corey Neil Riley sold 3,500 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $34.37, for a total value of $120,295.00. Following the transaction, the insider directly owned 148,472 shares in the company, valued at $5,102,982.64. This trade represents a 2.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 dated Monday, May 11th. The shares were sold at an average price of $34.45, for a total value of $430,625.00. Following the completion of the sale, the chief executive officer owned 313,020 shares of the company's stock, valued at $10,783,539. This represents a 3.84% 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. Corporate insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on REPX. Zacks Research downgraded Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Roth Capital reiterated a "buy" rating and issued a $45.00 price objective on shares of Riley Exploration Permian in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $46.00.

Riley Exploration Permian Trading Up 2.2%

Shares of NYSE REPX opened at $34.27 on Friday. Riley Exploration Permian, Inc. has a fifty-two week low of $24.08 and a fifty-two week high of $41.53. The firm has a market capitalization of $743.52 million, a P/E ratio of 6.08 and a beta of 0.91. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.70 and a quick ratio of 0.64. The company's 50 day simple moving average is $34.24 and its 200 day simple moving average is $33.18.

Riley Exploration Permian Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, July 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.7%. Riley Exploration Permian's dividend payout ratio is 56.14%.

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.

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