Riley Exploration Permian (NYSE:REPX) Sets New 52-Week High - Here's Why

Key Points

• Riley Exploration Permian reached a new 52-week high, trading as high as $50.00 before closing at $48.94. Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus from three Buy ratings and one Hold rating.
• The company increased its quarterly dividend to $0.42 per share, equivalent to an annualized $1.68 dividend and a 3.4% yield.
• Institutional ownership stands at 58.91%, with several major investors increasing their stakes, while company insiders sold 20,000 shares over the past 90 days under pre-arranged trading plans.

Riley Exploration Permian, Inc. (NYSE:REPX - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday. The stock traded as high as $50.00 and last traded at $48.94, with a volume of 237,708 shares changing hands. The stock had previously closed at $49.28.

Wall Street Analyst Weigh In

Several research firms have weighed in on REPX. Roth Capital reiterated a "buy" rating and set a $45.00 target price on shares of Riley Exploration Permian in a report on Thursday, July 23rd. Truist Financial cut their price target on Riley Exploration Permian from $47.00 to $41.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $43.00.

Riley Exploration Permian Stock Down 0.7%

The firm has a market capitalization of $1.08 billion, a P/E ratio of 8.68 and a beta of 1.05. The firm's 50 day moving average is $41.64 and its two-hundred day moving average is $37.43. 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 Increases Dividend

The firm also recently declared a quarterly 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. The ex-dividend date of this dividend is Wednesday, October 28th. This represents a $1.68 annualized dividend and a yield of 3.4%. This is a positive change from Riley Exploration Permian's previous quarterly dividend of $0.40. Riley Exploration Permian's payout ratio is 30.43%.

Insider Activity at Riley Exploration Permian

In other news, CEO Bobby Riley sold 12,500 shares of the company'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 value of $448,125.00. Following the transaction, 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 completion of the transaction, the insider directly owned 210,062 shares in the company, 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. In the last 90 days, insiders have sold 20,000 shares of company stock worth $721,765. Insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On Riley Exploration Permian

Hedge funds have recently bought and sold shares of the company. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Riley Exploration Permian in the second quarter worth $799,000. State Street Corp boosted its stake in shares of Riley Exploration Permian by 30.4% in the 2nd 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 last quarter. First Eagle Investment Management LLC raised its stake in Riley Exploration Permian by 134.0% during the second quarter. First Eagle Investment Management LLC now owns 430,946 shares of the company's stock worth $14,204,000 after buying an additional 246,798 shares during the last quarter. HighTower Advisors LLC acquired a new position in Riley Exploration Permian in the second quarter valued at $960,000. Finally, Bank of America Corp DE grew its stake in Riley Exploration Permian by 608.2% during the first quarter. Bank of America Corp DE now owns 196,032 shares of the company's stock worth $7,145,000 after purchasing an additional 168,352 shares during the period. 58.91% of the stock is owned by institutional investors.

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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