Riley Exploration Permian (NYSE:REPX) Trading Down 4% - Here's What Happened

Key Points

• REPX shares fell 4% to about $41.88, with trading volume down 84% from the average session level.
• Analyst sentiment remains positive overall, with three Buy ratings and one Hold rating producing a “Moderate Buy” consensus and a $43 average price target.
• The company pays a quarterly dividend of $0.40, implying a 3.9% annual yield, while insiders sold 20,000 shares worth approximately $721,765 during the past quarter.

Riley Exploration Permian, Inc. (NYSE:REPX - Get Free Report)'s share price was down 4% during trading on Monday . The stock traded as low as $41.87 and last traded at $41.8840. 52,432 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 328,382 shares. The stock had previously closed at $43.64.

Analyst Ratings Changes

REPX has been the subject of a number of recent research reports. Zacks Research cut shares of Riley Exploration Permian from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 25th. Roth Capital reiterated a "buy" rating and set a $45.00 price objective on shares of Riley Exploration Permian in a research report on Thursday, July 23rd. Finally, Truist Financial lowered their target price on shares of 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 research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $43.00.

Riley Exploration Permian Stock Performance

The firm has a fifty day moving average price of $37.65 and a 200 day moving average price of $35.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70. The stock has a market cap of $914.45 million, a PE ratio of 7.33 and a beta of 0.96.

Riley Exploration Permian Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Wednesday, July 29th. Riley Exploration Permian's dividend payout ratio (DPR) is presently 28.99%.

Insider Activity at Riley Exploration Permian

In related news, CEO Bobby Riley sold 12,500 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were 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 in the company, valued at approximately $17,314,940.55. This represents a 2.52% decrease in their position. The sale was disclosed in a filing 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, CFO Philip Riley sold 4,000 shares of the company's stock in a transaction 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 completion of the sale, the chief financial officer directly owned 235,503 shares in the company, valued at $8,857,267.83. This trade represents a 1.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 20,000 shares of company stock worth $721,765 over the last quarter. Insiders own 4.20% of the company's stock.

Institutional Trading of Riley Exploration Permian

A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Riley Exploration Permian during the 2nd quarter valued at about $40,302,000. Dimensional Fund Advisors LP boosted its holdings in 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 position 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 purchasing an additional 518,340 shares during the last quarter. First Eagle Investment Management LLC raised its position 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 purchasing an additional 246,798 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in shares of Riley Exploration Permian in the second quarter valued at approximately $8,021,000. 58.91% of the stock is owned by hedge funds and other institutional investors.

Riley Exploration Permian Company Profile

Riley Exploration Permian, Inc is an independent oil and natural gas exploration and production company. The company focuses on acquiring, developing and operating oil and gas properties, with production consisting primarily of crude oil, natural gas and natural gas liquids.

Riley Exploration Permian's operations are concentrated in the Permian Basin, one of the largest hydrocarbon-producing regions in the United States. Its asset base is primarily located in southeastern New Mexico, where the company develops wells and related infrastructure across its leasehold interests.

The company was established in 2016 and became a publicly traded company in 2021.

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