Denali Advisors LLC Grows Stock Position in Riley Exploration Permian, Inc. $REPX

Denali Advisors LLC boosted its holdings in Riley Exploration Permian, Inc. (NYSE:REPX) by 211.8% during the third quarter, HoldingsChannel reports. The fund owned 88,495 shares of the company’s stock after buying an additional 60,110 shares during the period. Denali Advisors LLC’s holdings in Riley Exploration Permian were worth $2,399,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its position 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 during the period. State of Wyoming acquired 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 holdings in Riley Exploration Permian by 6.1% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,188 shares of the company’s stock valued at $189,000 after buying an additional 411 shares during the period. JPMorgan Chase & Co. boosted its stake in Riley Exploration Permian by 27.1% during the second quarter. JPMorgan Chase & Co. now owns 7,438 shares of the company’s stock worth $195,000 after buying an additional 1,586 shares during the period. Finally, Bank of America Corp DE increased its position in shares of Riley Exploration Permian by 5.4% during the second 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 during the last quarter. Institutional investors and hedge funds own 58.91% of the company’s stock.

Wall Street Analyst Weigh In

REPX has been the topic of several recent analyst reports. Zacks Research upgraded shares of Riley Exploration Permian from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 15th. William Blair began coverage on Riley Exploration Permian in a research report on Friday, November 21st. They issued an “outperform” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. Based on data from MarketBeat.com, Riley Exploration Permian has an average rating of “Strong Buy” and a consensus target price of $36.00.

Insider Activity

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

Riley Exploration Permian Trading Up 3.8%

Shares of REPX stock opened at $27.76 on Monday. The stock has a market capitalization of $609.86 million, a P/E ratio of 4.92 and a beta of 1.22. Riley Exploration Permian, Inc. has a fifty-two week low of $21.98 and a fifty-two week high of $36.18. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.64 and a current ratio of 0.70. The company has a 50 day moving average price of $26.98 and a 200 day moving average price of $27.04.

Riley Exploration Permian Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Thursday, January 22nd were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend was Thursday, January 22nd. Riley Exploration Permian’s payout ratio is presently 39.12%.

Riley Exploration Permian declared that its board has approved a stock repurchase plan on Tuesday, December 16th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 18% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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.