Riley Exploration Permian (NYSE:REPX) Sets New 1-Year High - Here's What Happened

Key Points

• Riley Exploration Permian reached a new 52-week high, trading as high as $42.11 and last at $42.72, up 2.3%. The stock has a market capitalization of approximately $950 million.
• Analyst sentiment remains favorable, with three Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $43.00.
• The company pays a quarterly dividend of $0.40 per share, equivalent to a $1.60 annualized payout and a 3.7% yield, while institutional investors own 58.91% of outstanding shares.

Shares of Riley Exploration Permian, Inc. (NYSE:REPX - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $42.11 and last traded at $42.72, with a volume of 342925 shares changing hands. The stock had previously closed at $41.93.

Analysts Set New Price Targets

Several research analysts recently commented on REPX shares. Truist Financial dropped their target price 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. Roth Capital reaffirmed a "buy" rating and issued a $45.00 target price on shares of Riley Exploration Permian in a report on Thursday, July 23rd. Finally, Zacks Research downgraded Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to 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 Up 2.3%

The firm has a market cap of $950.41 million, a P/E ratio of 7.57 and a beta of 0.96. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.53. The company's fifty day moving average price is $35.74 and its two-hundred day moving average price is $34.99.

Riley Exploration Permian Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 12th. Shareholders of record on Wednesday, July 29th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, July 29th. This represents a $1.60 annualized dividend and a yield of 3.7%. Riley Exploration Permian's dividend payout ratio is currently 28.99%.

Insider Buying and Selling at Riley Exploration Permian

In other news, CFO Philip Riley sold 4,000 shares of Riley Exploration Permian stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $37.61, for a total value of $150,440.00. Following the completion of the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Corey Riley sold 3,500 shares of the company's 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 transaction, the insider directly owned 210,062 shares in the company, valued at $7,394,182.40. This trade represents a 1.64% 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. In the last ninety days, insiders have sold 20,000 shares of company stock worth $721,765. Insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Riley Exploration Permian in the second quarter valued at about $40,302,000. Dimensional Fund Advisors LP grew its position in shares of Riley Exploration Permian by 15.1% during the 1st 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. Arrowstreet Capital Limited Partnership increased its stake in shares of Riley Exploration Permian by 572.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 608,833 shares of the company's stock valued at $22,192,000 after acquiring an additional 518,340 shares during the last quarter. California State Teachers Retirement System raised its position in shares of Riley Exploration Permian by 3,781.5% in the 2nd quarter. California State Teachers Retirement System now owns 482,271 shares of the company's stock valued at $14,632,000 after acquiring an additional 469,846 shares during the period. Finally, First Eagle Investment Management LLC boosted its stake in Riley Exploration Permian by 134.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 430,946 shares of the company's stock worth $14,204,000 after acquiring an additional 246,798 shares during the last quarter. 58.91% of the stock is currently owned by institutional investors.

Riley Exploration Permian Company 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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