Riley Exploration Permian (NYSE:REPX) Reaches New 12-Month High Following Analyst Upgrade

Riley Exploration Permian, Inc. (NYSE:REPX)’s share price reached a new 52-week high during trading on Friday after Truist Financial raised their price target on the stock from $40.00 to $45.00. Truist Financial currently has a buy rating on the stock. Riley Exploration Permian traded as high as $35.00 and last traded at $34.95, with a volume of 19909 shares. The stock had previously closed at $34.64.

Insider Buying and Selling

In other Riley Exploration Permian news, CEO Bobby Riley sold 8,981 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $26.49, for a total value of $237,906.69. Following the transaction, the chief executive officer now directly owns 326,375 shares of the company’s stock, valued at approximately $8,645,673.75. The trade was a 2.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Empowered Funds LLC grew its holdings in Riley Exploration Permian by 8.0% in the first quarter. Empowered Funds LLC now owns 26,112 shares of the company’s stock worth $862,000 after purchasing an additional 1,925 shares during the period. Russell Investments Group Ltd. increased its position in Riley Exploration Permian by 785.9% in the 1st quarter. Russell Investments Group Ltd. now owns 4,571 shares of the company’s stock valued at $151,000 after buying an additional 4,055 shares in the last quarter. Avantax Advisory Services Inc. bought a new stake in Riley Exploration Permian in the 1st quarter valued at about $290,000. First Eagle Investment Management LLC raised its stake in Riley Exploration Permian by 77.2% during the 1st quarter. First Eagle Investment Management LLC now owns 176,564 shares of the company’s stock worth $5,827,000 after buying an additional 76,932 shares during the period. Finally, Hillsdale Investment Management Inc. bought a new position in Riley Exploration Permian in the first quarter worth approximately $640,000. Institutional investors and hedge funds own 58.91% of the company’s stock.

Riley Exploration Permian Stock Up 0.9 %

The stock has a market cap of $750.73 million, a price-to-earnings ratio of 6.24 and a beta of 1.34. The stock has a 50 day simple moving average of $27.82 and a 200 day simple moving average of $27.55. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53.

Riley Exploration Permian Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Investors of record on Thursday, October 24th were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, October 24th. This represents a $1.52 annualized dividend and a yield of 4.35%. This is an increase from Riley Exploration Permian’s previous quarterly dividend of $0.36. Riley Exploration Permian’s dividend payout ratio (DPR) is presently 26.95%.

About Riley Exploration Permian

Riley Exploration Permian, Inc, an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in Texas and New Mexico. The company's activities are primarily focused on the Northwest Shelf and Yeso trend of the Permian Basin.