Riley Exploration Permian (NYSE:REPX) Sets New 12-Month High Following Dividend Announcement

Riley Exploration Permian, Inc. (NYSE:REPX)’s share price hit a new 52-week high during trading on Thursday after the company announced a dividend. The stock traded as high as $48.01 and last traded at $46.43, with a volume of 173,016 shares. The stock had previously closed at $47.75.

The newly announced dividend which will be paid on Wednesday, November 11th. Investors of record on Wednesday, October 28th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Wednesday, October 28th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.6%. This is a boost from Riley Exploration Permian’s previous quarterly dividend of $0.40. Riley Exploration Permian’s payout ratio is currently 28.99%.

Analyst Ratings Changes

A number of research analysts have issued reports on REPX shares. Truist Financial reduced their price target on Riley Exploration Permian from $47.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Roth Capital restated a “buy” rating and set a $45.00 price target on shares of Riley Exploration Permian in a report on Thursday, July 23rd. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Riley Exploration Permian has an average rating of “Moderate Buy” and an average price target of $43.00.

Riley Exploration Permian Trading Down 2.8%

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 price is $40.58 and its two-hundred day moving average price is $37.09. The company has a market capitalization of $1.03 billion, a P/E ratio of 8.23 and a beta of 1.05.

Insider Activity at Riley Exploration Permian

In other news, CFO Philip A. Riley sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $37.61, for a total value of $150,440.00. Following the transaction, the chief financial officer owned 235,503 shares in the company, valued at approximately $8,857,267.83. The trade was a 1.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Bobby Riley sold 12,500 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $35.85, for a total value of $448,125.00. Following the completion of the transaction, the chief executive officer owned 482,983 shares in the company, valued at approximately $17,314,940.55. The trade was a 2.52% 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. Insiders sold 20,000 shares of company stock worth $721,765 in the last ninety days. 4.20% of the stock is owned by company insiders.

Institutional Trading of Riley Exploration Permian

Hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. purchased a new stake in shares of Riley Exploration Permian during the second quarter worth $1,135,000. State Street Corp raised its stake in Riley Exploration Permian by 30.4% in the second quarter. State Street Corp now owns 325,904 shares of the company’s stock valued at $10,742,000 after purchasing an additional 75,993 shares in the last quarter. WINTON GROUP Ltd grew its stake in Riley Exploration Permian by 14.4% in the 2nd quarter. WINTON GROUP Ltd now owns 28,075 shares of the company’s stock worth $925,000 after buying an additional 3,527 shares in the last quarter. Engineers Gate Manager LP raised its position in shares of Riley Exploration Permian by 48.2% during the 2nd quarter. Engineers Gate Manager LP now owns 42,968 shares of the company’s stock valued at $1,416,000 after buying an additional 13,971 shares in the last quarter. Finally, Integrated Wealth Concepts LLC boosted its stake in shares of Riley Exploration Permian by 35.6% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 13,407 shares of the company’s stock valued at $442,000 after purchasing an additional 3,522 shares in the last quarter. 58.91% of the stock is currently owned by institutional investors.

Riley Exploration Permian Company Profile

Riley Exploration Permian, Inc is an independent oil and natural gas exploration and production company focused on the development of assets in the Permian Basin. The company’s operations are concentrated in southeastern New Mexico and West Texas, where it acquires, develops and produces hydrocarbons from unconventional formations.

Its production portfolio includes crude oil, natural gas liquids and natural gas. Riley Exploration Permian emphasizes the development of operated acreage through horizontal drilling and completion programs, as well as the efficient management of its existing wells and infrastructure.

The company completed its initial public offering in 2021 and its common stock trades on the New York Stock Exchange under the symbol REPX.