Royce & Associates LP Sells 35,876 Shares of Riley Exploration Permian, Inc. $REPX

Key Points

• Royce & Associates LP reduced its stake in Riley Exploration Permian by 20.5% in the fourth quarter, selling 35,876 shares and ending with 139,042 shares valued at about $3.67 million.
• Analysts remain generally positive on REPX, with an average Buy rating and a consensus price target of $41.50, though Zacks Research recently downgraded the stock to Hold.
• The company was trading at $33.26 and recently paid a quarterly dividend of $0.40, equal to a 4.8% annualized yield; meanwhile, CEO Bobby Riley and insider Corey Neil Riley both sold shares in May under pre-arranged trading plans.

Royce & Associates LP cut its stake in shares of Riley Exploration Permian, Inc. (NYSE:REPX - Free Report) by 20.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 139,042 shares of the company's stock after selling 35,876 shares during the quarter. Royce & Associates LP owned approximately 0.63% of Riley Exploration Permian worth $3,671,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Quarry LP bought a new position in shares of Riley Exploration Permian in the third quarter valued at $46,000. Advisory Services Network LLC bought a new position in shares of Riley Exploration Permian in the third quarter valued at $65,000. Parkwood LLC bought a new position in shares of Riley Exploration Permian in the third quarter valued at $68,000. State of Alaska Department of Revenue lifted its stake in shares of Riley Exploration Permian by 346.3% in the fourth quarter. State of Alaska Department of Revenue now owns 3,579 shares of the company's stock valued at $94,000 after buying an additional 2,777 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its stake in shares of Riley Exploration Permian by 442.4% in the second quarter. Osaic Holdings Inc. now owns 4,231 shares of the company's stock valued at $111,000 after buying an additional 3,451 shares in the last quarter. 58.91% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on REPX. Roth Mkm reaffirmed a "buy" rating on shares of Riley Exploration Permian in a research note on Thursday, April 30th. William Blair reaffirmed an "outperform" rating on shares of Riley Exploration Permian in a research note on Thursday, March 5th. Truist Financial began coverage on shares of Riley Exploration Permian in a research note on Tuesday, March 24th. They issued a "buy" rating and a $47.00 price objective on the stock. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Riley Exploration Permian currently has an average rating of "Buy" and a consensus price target of $41.50.

Riley Exploration Permian Stock Performance

Shares of REPX stock opened at $33.26 on Friday. The firm has a 50-day moving average of $36.33 and a 200-day moving average of $30.76. The company has a market cap of $721.61 million, a P/E ratio of 5.90 and a beta of 0.93. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.70 and a quick ratio of 0.64. 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 was paid on Wednesday, May 13th. Stockholders of record on Wednesday, April 29th were issued a $0.40 dividend. The ex-dividend date was Wednesday, April 29th. This represents a $1.60 annualized dividend and a dividend yield of 4.8%. Riley Exploration Permian's dividend payout ratio is currently 56.14%.

Insider Activity

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

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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