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

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

Riley Exploration Permian has a dividend 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 NYSE REPX opened at $34.28 on Thursday. The firm has a fifty day simple moving average of $34.76 and a two-hundred day simple moving average of $32.49. Riley Exploration Permian has a 12 month low of $24.08 and a 12 month 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. The firm has a market capitalization of $743.74 million, a PE ratio of 6.08 and a beta of 0.91.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Zacks Research downgraded shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Truist Financial assumed coverage on Riley Exploration Permian in a research report on Tuesday, March 24th. They set a “buy” rating and a $47.00 price objective on the stock. Finally, Roth Capital reiterated a “buy” rating on shares of Riley Exploration Permian in a report on Thursday, April 30th. One equities 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average 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.