Corey Neil Riley Sells 3,500 Shares of Riley Exploration Permian (NYSE:REPX) Stock

Riley Exploration Permian, Inc. (NYSE:REPX) insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $35.20, for a total transaction of $123,200.00. Following the completion of the sale, the insider owned 210,062 shares in the company, valued at $7,394,182.40. This trade represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Riley Exploration Permian Stock Down 1.7%

REPX traded down $0.63 during trading hours on Wednesday, hitting $35.89. 93,026 shares of the company’s stock were exchanged, compared to its average volume of 328,228. The stock has a market cap of $795.11 million, a price-to-earnings ratio of 6.36 and a beta of 0.93. Riley Exploration Permian, Inc. has a 1-year low of $24.08 and a 1-year high of $41.53. The stock’s 50-day moving average is $34.08 and its two-hundred day moving average is $33.56. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53.

Riley Exploration Permian Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Wednesday, July 29th. Riley Exploration Permian’s dividend payout ratio is currently 28.99%.

Analysts Set New Price Targets

Several analysts recently issued reports on REPX shares. Zacks Research lowered Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. Roth Capital restated a “buy” rating and issued a $45.00 price target on shares of Riley Exploration Permian in a research note on Thursday, July 23rd. Finally, Truist Financial lowered their price target on Riley Exploration Permian from $47.00 to $41.00 and set a “buy” rating on the stock in a research report on Wednesday. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Riley Exploration Permian presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Hedge Funds Weigh In On Riley Exploration Permian

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE raised its holdings in Riley Exploration Permian by 5.4% in the 2nd quarter. Bank of America Corp DE now owns 7,806 shares of the company’s stock valued at $205,000 after acquiring an additional 402 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Riley Exploration Permian by 6.1% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,188 shares of the company’s stock worth $189,000 after purchasing an additional 411 shares in the last quarter. North Star Investment Management Corp. grew its holdings in shares of Riley Exploration Permian by 1.3% during the 2nd quarter. North Star Investment Management Corp. now owns 36,273 shares of the company’s stock worth $1,196,000 after purchasing an additional 473 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Riley Exploration Permian by 6.5% during the 4th quarter. MetLife Investment Management LLC now owns 8,410 shares of the company’s stock worth $222,000 after purchasing an additional 516 shares in the last quarter. Finally, Empowered Funds LLC increased its position in shares of Riley Exploration Permian by 1.8% in the first quarter. Empowered Funds LLC now owns 31,549 shares of the company’s stock worth $920,000 after purchasing an additional 562 shares during the period. Institutional investors own 58.91% of the company’s stock.

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.