TrueMark Investments LLC Invests $3.03 Million in Riley Exploration Permian, Inc. $REPX

TrueMark Investments LLC purchased a new stake in shares of Riley Exploration Permian, Inc. (NYSE:REPX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 111,650 shares of the company’s stock, valued at approximately $3,027,000.

Other hedge funds have also recently modified their holdings of the company. Osaic Holdings Inc. raised its stake in Riley Exploration Permian by 442.4% during the second quarter. Osaic Holdings Inc. now owns 4,231 shares of the company’s stock worth $111,000 after purchasing an additional 3,451 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings 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 buying an additional 411 shares during the last quarter. JPMorgan Chase & Co. raised its position 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 period. Bank of America Corp DE lifted its holdings in Riley Exploration Permian by 5.4% in 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. Finally, Magnetar Financial LLC purchased a new position in Riley Exploration Permian in the second quarter worth approximately $216,000. Hedge funds and other institutional investors own 58.91% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on REPX. Roth Mkm started coverage on Riley Exploration Permian in a research note on Monday, October 13th. They set a “buy” rating and a $36.00 target price for the company. William Blair initiated coverage on Riley Exploration Permian in a research report on Friday, November 21st. They set an “outperform” rating for the company. Finally, Zacks Research upgraded shares of Riley Exploration Permian from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, Riley Exploration Permian currently has a consensus rating of “Strong Buy” and a consensus price target of $36.00.

Riley Exploration Permian Stock Down 1.4%

NYSE:REPX opened at $27.17 on Friday. Riley Exploration Permian, Inc. has a 52 week low of $21.98 and a 52 week high of $36.18. The stock’s fifty day moving average is $26.68 and its two-hundred day moving average is $26.95. The stock has a market capitalization of $596.90 million, a price-to-earnings ratio of 4.82 and a beta of 1.03. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Investors of record on Thursday, January 22nd will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date is Thursday, January 22nd. Riley Exploration Permian’s dividend payout ratio (DPR) is 39.12%.

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

Insider Activity

In other Riley Exploration Permian news, insider Corey Neil Riley sold 3,500 shares of the business’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $24.87, for a total transaction of $87,045.00. Following the sale, the insider directly owned 162,065 shares in the company, valued at $4,030,556.55. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Bobby Riley sold 20,000 shares of the stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $25.91, for a total transaction of $518,200.00. Following the sale, the chief executive officer directly owned 349,431 shares in the company, valued at $9,053,757.21. This represents a 5.41% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 36,000 shares of company stock valued at $918,370. 4.70% of the stock is currently owned by corporate insiders.

Riley Exploration Permian Company 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.