Riley Exploration Permian, Inc. $REPX Shares Purchased by Bank of America Corp DE

Key Points

• Institutional ownership increased sharply: Bank of America raised its Riley Exploration Permian stake by 608.2% to 196,032 shares, while several other hedge funds also added positions. Institutional investors now own 58.91% of REPX.
• Analyst sentiment remains positive but mixed: Three analysts rate the stock Buy and one rates it Hold, producing a “Moderate Buy” consensus and an average price target of $43, compared with a recent price of $37.36.
• REPX offers a sizable dividend: The company pays a quarterly dividend of $0.40, equivalent to $1.60 annually and a 4.3% yield. Meanwhile, insiders sold 20,000 shares worth $721,765 over the past 90 days.

Bank of America Corp DE grew its stake in shares of Riley Exploration Permian, Inc. (NYSE:REPX - Free Report) by 608.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 196,032 shares of the company's stock after buying an additional 168,352 shares during the period. Bank of America Corp DE owned 0.90% of Riley Exploration Permian worth $7,145,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its position 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 valued at $22,192,000 after purchasing an additional 518,340 shares during the period. Renaissance Technologies LLC increased its stake in Riley Exploration Permian by 134.5% in 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. Dimensional Fund Advisors LP lifted its position in Riley Exploration Permian by 15.1% during the first quarter. Dimensional Fund Advisors LP now owns 616,564 shares of the company's stock worth $22,474,000 after buying an additional 80,770 shares during the period. First Trust Advisors LP lifted its position in Riley Exploration Permian by 172.6% during the fourth quarter. First Trust Advisors LP now owns 126,507 shares of the company's stock worth $3,340,000 after buying an additional 80,099 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Riley Exploration Permian in the 2nd quarter worth about $2,033,000. Hedge funds and other institutional investors own 58.91% of the company's stock.

Insider Buying and Selling at Riley Exploration Permian

In other Riley Exploration Permian news, CFO Philip A. Riley sold 4,000 shares of Riley Exploration Permian 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Bobby Riley sold 12,500 shares of the business'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 owned 482,983 shares of the company's stock, valued at approximately $17,314,940.55. This represents a 2.52% decrease in their ownership of the stock. 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. Insiders have sold a total of 20,000 shares of company stock valued at $721,765 over the last ninety days. Corporate insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on REPX. Roth Capital restated a "buy" rating and issued a $45.00 price target on shares of Riley Exploration Permian in a report on Thursday, July 23rd. Truist Financial cut their price objective on shares of Riley Exploration Permian from $47.00 to $41.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. Finally, Zacks Research cut shares of Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Three 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 has a consensus rating of "Moderate Buy" and an average price target of $43.00.

Riley Exploration Permian Stock Performance

NYSE REPX opened at $37.36 on Wednesday. The firm has a market capitalization of $827.67 million, a P/E ratio of 6.62 and a beta of 0.93. Riley Exploration Permian, Inc. has a 1-year low of $24.08 and a 1-year high of $41.53. 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 business's 50-day simple moving average is $34.51 and its 200-day simple moving average is $34.21.

Riley Exploration Permian Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 12th. Investors of record on Wednesday, July 29th were issued a $0.40 dividend. The ex-dividend date was Wednesday, July 29th. This represents a $1.60 annualized dividend and a yield of 4.3%. Riley Exploration Permian's dividend payout ratio (DPR) is presently 28.99%.

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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