Cannell & Spears LLC Sells 82,600 Shares of Riley Exploration Permian, Inc. $REPX

Cannell & Spears LLC cut its stake in shares of Riley Exploration Permian, Inc. (NYSE:REPX) by 79.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,200 shares of the company’s stock after selling 82,600 shares during the quarter. Cannell & Spears LLC’s holdings in Riley Exploration Permian were worth $773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of REPX. Aster Capital Management DIFC Ltd purchased a new position in Riley Exploration Permian in the 4th quarter worth approximately $27,000. Royal Bank of Canada boosted its stake in shares of Riley Exploration Permian by 210.9% during the fourth quarter. Royal Bank of Canada now owns 1,138 shares of the company’s stock valued at $31,000 after purchasing an additional 772 shares during the period. Quarry LP purchased a new stake in shares of Riley Exploration Permian during the third quarter valued at approximately $46,000. Advisory Services Network LLC purchased a new stake in shares of Riley Exploration Permian during the third quarter valued at approximately $65,000. Finally, Parkwood LLC bought a new position in shares of Riley Exploration Permian in the third quarter worth approximately $68,000. 58.91% of the stock is currently owned by hedge funds and other institutional investors.

Riley Exploration Permian Stock Down 1.5%

NYSE REPX opened at $35.48 on Friday. Riley Exploration Permian, Inc. has a 1 year low of $24.08 and a 1 year high of $41.53. The stock has a market capitalization of $769.77 million, a PE ratio of 6.29 and a beta of 0.91. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.70 and a quick ratio of 0.64. The business’s 50-day moving average is $34.75 and its 200 day moving average is $32.89.

Riley Exploration Permian Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 12th. Shareholders of record on Wednesday, July 29th will be issued a $0.40 dividend. The ex-dividend date is Wednesday, July 29th. This represents a $1.60 annualized dividend and a yield of 4.5%. Riley Exploration Permian’s dividend payout ratio (DPR) is 56.14%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on REPX shares. Roth Capital reaffirmed a “buy” rating and issued a $45.00 target price on shares of Riley Exploration Permian in a research note on Thursday. Zacks Research cut shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. One 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 stock. According to data from MarketBeat, Riley Exploration Permian currently has an average rating of “Buy” and a consensus price target of $46.00.

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.