Riley Exploration Permian, Inc. $REPX Shares Bought by McAlvany Wealth Management LLC

Key Points

• McAlvany Wealth Management LLC boosted its stake in Riley Exploration Permian by 136.3% in the first quarter, ending with 84,393 shares valued at about $3.1 million.
• Several other institutional investors also increased their positions, and 58.91% of REPX shares are now held by institutions and hedge funds.
• The company announced a quarterly dividend of $0.40 per share payable August 12, implying an annualized yield of 4.6%; meanwhile, CEO Bobby Riley and insider Corey Neil Riley recently sold shares under pre-arranged trading plans.

McAlvany Wealth Management LLC grew its stake in shares of Riley Exploration Permian, Inc. (NYSE:REPX - Free Report) by 136.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 84,393 shares of the company's stock after buying an additional 48,677 shares during the period. Riley Exploration Permian accounts for approximately 1.9% of McAlvany Wealth Management LLC's holdings, making the stock its 23rd biggest holding. McAlvany Wealth Management LLC owned approximately 0.39% of Riley Exploration Permian worth $3,098,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in REPX. Bank of America Corp DE boosted its holdings in Riley Exploration Permian by 5.4% in the second quarter. Bank of America Corp DE now owns 7,806 shares of the company's stock valued at $205,000 after acquiring an additional 402 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Riley Exploration Permian by 6.1% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,188 shares of the company's stock worth $189,000 after acquiring an additional 411 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Riley Exploration Permian by 6.5% in the 4th quarter. MetLife Investment Management LLC now owns 8,410 shares of the company's stock worth $222,000 after purchasing an additional 516 shares during the period. Empowered Funds LLC raised its holdings in shares of Riley Exploration Permian by 1.8% in the 1st quarter. Empowered Funds LLC now owns 31,549 shares of the company's stock worth $920,000 after purchasing an additional 562 shares during the period. Finally, State of Wyoming lifted its stake in shares of Riley Exploration Permian by 12.8% in the 4th quarter. State of Wyoming now owns 5,011 shares of the company's stock valued at $132,000 after purchasing an additional 567 shares in the last quarter. 58.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Riley Exploration Permian

In related news, CEO Bobby Riley sold 12,500 shares of Riley Exploration Permian stock in a transaction on Monday, May 11th. The shares were sold at an average price of $34.45, for a total transaction of $430,625.00. Following the sale, the chief executive officer owned 313,020 shares of the company's stock, valued at $10,783,539. The trade was a 3.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Corey Neil Riley sold 3,500 shares of the business's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $34.37, for a total transaction of $120,295.00. Following the completion of the transaction, the insider owned 148,472 shares in the company, valued at $5,102,982.64. This represents a 2.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on REPX shares. Roth Capital reiterated a "buy" rating on shares of Riley Exploration Permian in a report on Thursday, April 30th. Truist Financial started coverage on shares of Riley Exploration Permian in a research report on Tuesday, March 24th. They set a "buy" rating and a $47.00 price target on the stock. Finally, Zacks Research downgraded shares of Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 25th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $41.50.

Riley Exploration Permian Stock Performance

Riley Exploration Permian stock opened at $35.00 on Friday. The stock's 50 day moving average price is $34.80 and its 200 day moving average price is $32.57. The firm has a market capitalization of $759.36 million, a PE ratio of 6.21 and a beta of 0.91. 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 one year low of $24.08 and a one year high of $41.53.

Riley Exploration Permian Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Wednesday, July 29th. Riley Exploration Permian's payout ratio is presently 56.14%.

About Riley Exploration Permian

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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