McAlvany Wealth Management LLC Boosts Stock Position in Riley Exploration Permian, Inc. $REPX

McAlvany Wealth Management LLC raised its holdings in Riley Exploration Permian, Inc. (NYSE:REPX) by 136.3% during the first quarter, HoldingsChannel.com reports. The firm owned 84,393 shares of the company’s stock after buying an additional 48,677 shares during the period. Riley Exploration Permian makes up about 1.9% of McAlvany Wealth Management LLC’s portfolio, making the stock its 23rd biggest holding. McAlvany Wealth Management LLC’s holdings in Riley Exploration Permian were worth $3,098,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Y Intercept Hong Kong Ltd bought a new stake in shares of Riley Exploration Permian in the first quarter worth $629,000. State of Wyoming boosted its stake in Riley Exploration Permian by 12.8% during the 4th quarter. State of Wyoming now owns 5,011 shares of the company’s stock valued at $132,000 after acquiring an additional 567 shares during the last quarter. Quarry LP acquired a new position in Riley Exploration Permian during the 3rd quarter worth $46,000. Bank of New York Mellon Corp grew its holdings in Riley Exploration Permian by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 235,786 shares of the company’s stock worth $8,594,000 after acquiring an additional 1,623 shares in the last quarter. Finally, MQS Management LLC bought a new stake in shares of Riley Exploration Permian in the 1st quarter worth about $399,000. 58.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Riley Exploration Permian

In other Riley Exploration Permian news, CEO Bobby Riley sold 12,500 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $34.45, for a total value of $430,625.00. Following the transaction, the chief executive officer owned 313,020 shares of the company’s stock, valued at $10,783,539. This trade represents a 3.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Corey Neil Riley sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $34.37, for a total value of $120,295.00. Following the transaction, the insider directly owned 148,472 shares of the company’s stock, valued at $5,102,982.64. This trade represents a 2.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on REPX. Truist Financial initiated coverage on shares of Riley Exploration Permian in a research note on Tuesday, March 24th. They issued a “buy” rating and a $47.00 target price on the stock. Roth Capital restated a “buy” rating on shares of Riley Exploration Permian in a research note on Thursday, April 30th. Finally, Zacks Research downgraded Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Riley Exploration Permian presently has a consensus rating of “Buy” and a consensus price target of $41.50.

Riley Exploration Permian Stock Up 0.7%

REPX stock opened at $35.00 on Friday. The firm has a market cap of $759.36 million, a price-to-earnings ratio of 6.21 and a beta of 0.91. Riley Exploration Permian, Inc. has a 1-year low of $24.08 and a 1-year high of $41.53. The firm has a fifty day moving average price of $34.80 and a two-hundred day moving average price of $32.57. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 12th. Investors of record on Wednesday, July 29th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Wednesday, July 29th. Riley Exploration Permian’s dividend payout ratio is currently 56.14%.

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.