Riley Exploration Permian, Inc. Plans Quarterly Dividend of $0.40 (NYSE:REPX)

Key Points

• Riley Exploration Permian announced a quarterly dividend of $0.40 per share, payable on August 12 to shareholders of record as of July 29.
• The dividend implies an annualized payout of $1.60 and a 4.7% yield; the company’s payout ratio of 28.7% suggests the dividend is well covered by earnings.
• Analysts currently have a Buy consensus on the stock with a $41.50 average price target, though one firm recently downgraded it to Hold.

Riley Exploration Permian, Inc. (NYSE:REPX - Get Free Report) announced a quarterly dividend on Wednesday, July 15th. Shareholders of record on Wednesday, July 29th will be given a dividend of 0.40 per share on Wednesday, August 12th. This represents a c) annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Wednesday, July 29th.

Riley Exploration Permian has a payout ratio of 28.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Riley Exploration Permian to earn $7.06 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 22.7%.

Riley Exploration Permian Stock Down 0.2%

Shares of Riley Exploration Permian stock traded down $0.08 during trading on Wednesday, reaching $34.28. The stock had a trading volume of 129,476 shares, compared to its average volume of 349,615. The company has a market capitalization of $743.74 million, a price-to-earnings ratio of 6.08 and a beta of 0.91. The stock has a fifty day moving average price of $34.74 and a two-hundred day moving average price of $32.43. Riley Exploration Permian has a 52 week low of $24.08 and a 52 week high of $41.53. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.53.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Zacks Research cut 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 on shares of Riley Exploration Permian in a research note on Thursday, April 30th. Finally, Truist Financial started coverage on Riley Exploration Permian in a report on Tuesday, March 24th. They issued a "buy" rating and a $47.00 price objective for the company. 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's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $41.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.