Riley Exploration Permian (NYSE:REPX) Reaches New 12-Month High After Dividend Announcement

Key Points

• Riley Exploration Permian shares reached a new 52-week high, trading as high as $48.01 after the company announced a quarterly dividend increase to $0.42 per share from $0.40. The dividend implies a $1.68 annualized payout and a 3.6% yield.
• Analysts maintain a generally positive view, with three Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and a $43 average price target.
• Institutional investors own 58.91% of the company, with BlackRock initiating an approximately $40.3 million stake and several other firms increasing holdings. Insiders, meanwhile, sold 20,000 shares worth about $721,765 over the past three months.

Riley Exploration Permian, Inc. (NYSE:REPX - Get Free Report)'s stock price hit a new 52-week high on Thursday after the company announced a dividend. The stock traded as high as $48.01 and last traded at $46.43, with a volume of 173,016 shares changing hands. The stock had previously closed at $47.75.The newly announced dividend which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, October 28th will be issued a dividend of $0.42 per share. This is a boost from Riley Exploration Permian's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Wednesday, October 28th. This represents a $1.68 annualized dividend and a dividend yield of 3.6%. Riley Exploration Permian's payout ratio is currently 28.99%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Roth Capital restated a "buy" rating and set a $45.00 price objective on shares of Riley Exploration Permian in a research report on Thursday, July 23rd. Truist Financial dropped their price objective on Riley Exploration Permian from $47.00 to $41.00 and set a "buy" rating for the company in a report on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Riley Exploration Permian presently has an average rating of "Moderate Buy" and a consensus price target of $43.00.

Riley Exploration Permian Trading Down 2.8%

The stock has a 50-day moving average of $40.58 and a 200 day moving average of $37.09. The stock has a market cap of $1.03 billion, a PE ratio of 8.23 and a beta of 1.05. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53.

Insider Transactions at Riley Exploration Permian

In related news, CFO Philip Riley sold 4,000 shares of the firm's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $37.61, for a total value of $150,440.00. Following the transaction, the chief financial officer directly owned 235,503 shares of the company's stock, valued at approximately $8,857,267.83. This trade represents a 1.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Corey Riley sold 3,500 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $35.20, for a total value of $123,200.00. Following the completion of the transaction, the insider directly owned 210,062 shares of the company's stock, valued at approximately $7,394,182.40. This represents a 1.64% 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 sold a total of 20,000 shares of company stock valued at $721,765 in the last three months. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of Riley Exploration Permian

Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Riley Exploration Permian in the 2nd quarter worth approximately $40,302,000. Dimensional Fund Advisors LP boosted its holdings in shares of Riley Exploration Permian by 15.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 616,564 shares of the company's stock valued at $22,474,000 after purchasing an additional 80,770 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Riley Exploration Permian by 572.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,833 shares of the company's stock worth $22,192,000 after buying an additional 518,340 shares during the last quarter. First Eagle Investment Management LLC raised its holdings in Riley Exploration Permian by 134.0% in the second quarter. First Eagle Investment Management LLC now owns 430,946 shares of the company's stock valued at $14,204,000 after buying an additional 246,798 shares during the period. Finally, State Street Corp raised its position 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 purchasing an additional 75,993 shares during the period. Institutional investors and hedge funds own 58.91% of the company's stock.

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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