Cannell & Spears LLC Takes Position in Riley Exploration Permian, Inc. $REPX

Cannell & Spears LLC purchased a new position in Riley Exploration Permian, Inc. (NYSE:REPX) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 82,025 shares of the company’s stock, valued at approximately $2,224,000. Cannell & Spears LLC owned about 0.37% of Riley Exploration Permian at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of REPX. Osaic Holdings Inc. grew its stake in Riley Exploration Permian by 442.4% in the second quarter. Osaic Holdings Inc. now owns 4,231 shares of the company’s stock valued at $111,000 after purchasing an additional 3,451 shares in the last quarter. State of Wyoming purchased a new stake in shares of Riley Exploration Permian during the 3rd quarter worth about $120,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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. JPMorgan Chase & Co. lifted its holdings in shares of Riley Exploration Permian by 27.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,438 shares of the company’s stock valued at $195,000 after buying an additional 1,586 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Riley Exploration Permian by 5.4% during the 2nd quarter. Bank of America Corp DE now owns 7,806 shares of the company’s stock valued at $205,000 after buying an additional 402 shares during the last quarter. 58.91% of the stock is currently owned by hedge funds and other institutional investors.

Riley Exploration Permian Price Performance

NYSE REPX opened at $33.20 on Monday. Riley Exploration Permian, Inc. has a fifty-two week low of $21.98 and a fifty-two week high of $34.31. The stock’s 50-day moving average is $28.39 and its two-hundred day moving average is $27.47. The firm has a market cap of $716.02 million, a P/E ratio of 5.89 and a beta of 1.22. 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 declared that its board has authorized a share buyback program on Tuesday, December 16th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 18% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Riley Exploration Permian Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Thursday, January 22nd were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Thursday, January 22nd. Riley Exploration Permian’s dividend payout ratio (DPR) is presently 21.08%.

Insider Activity at Riley Exploration Permian

In other Riley Exploration Permian news, CEO Bobby Riley sold 12,500 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $27.79, for a total transaction of $347,375.00. Following the transaction, the chief executive officer owned 336,931 shares in the company, valued at $9,363,312.49. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Corey Neil Riley sold 3,500 shares of Riley Exploration Permian stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $27.41, for a total transaction of $95,935.00. Following the completion of the transaction, the insider directly owned 158,565 shares in the company, valued at approximately $4,346,266.65. This represents a 2.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 36,000 shares of company stock valued at $961,510. Corporate insiders own 4.70% of the company’s stock.

Analysts Set New Price Targets

REPX has been the topic of a number of research reports. William Blair restated an “outperform” rating on shares of Riley Exploration Permian in a report on Thursday, March 5th. Zacks Research cut shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Riley Exploration Permian currently has a consensus rating of “Buy” and an average price target of $36.00.

Riley Exploration Permian Profile

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.