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

Riley Exploration Permian, Inc. (NYSE:REPX) shares hit a new 52-week high during mid-day trading on Thursday after the company announced a dividend. The company traded as high as $48.01 and last traded at $46.43, with a volume of 173,016 shares changing hands. 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 is Wednesday, October 28th. This represents a $1.68 dividend on an annualized basis and a yield of 3.5%. This is a positive change from Riley Exploration Permian’s previous quarterly dividend of $0.40. Riley Exploration Permian’s dividend payout ratio is currently 28.99%.

Analyst Upgrades and Downgrades

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

Riley Exploration Permian Stock Up 3.6%

The stock has a fifty day moving average of $41.13 and a 200 day moving average of $37.24. 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 firm has a market capitalization of $1.08 billion, a P/E ratio of 8.63 and a beta of 1.05.

Insider Activity

In other news, insider Corey Riley sold 3,500 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $35.20, for a total transaction of $123,200.00. Following the completion of the transaction, the insider directly owned 210,062 shares in the company, valued at $7,394,182.40. The trade was a 1.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philip Riley sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $37.61, for a total transaction of $150,440.00. Following the completion of the transaction, the chief financial officer owned 235,503 shares in the company, valued at approximately $8,857,267.83. This trade represents a 1.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 20,000 shares of company stock worth $721,765. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Riley Exploration Permian

A number of large investors have recently made changes to their positions in the business. Allworth Financial LP bought a new stake in shares of Riley Exploration Permian during the second quarter valued at approximately $42,000. Nykredit A S purchased a new position in Riley Exploration Permian during the second quarter valued at $63,000. Globeflex Capital L P purchased a new position in Riley Exploration Permian during the second quarter valued at $108,000. Quartz Partners LLC bought a new stake in shares of Riley Exploration Permian during the 2nd quarter valued at $206,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Riley Exploration Permian during the 2nd quarter valued at $207,000. 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.