Truist Financial Cuts Riley Exploration Permian (NYSE:REPX) Price Target to $41.00

Riley Exploration Permian (NYSE:REPX) had its target price trimmed by Truist Financial from $47.00 to $41.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. Roth Capital reaffirmed a “buy” rating and set a $45.00 price objective on shares of Riley Exploration Permian in a report on Thursday, July 23rd. Zacks Research downgraded Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Riley Exploration Permian Stock Up 1.8%

Shares of REPX opened at $36.13 on Wednesday. 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 simple moving average of $34.10 and a 200-day simple moving average of $33.70. Riley Exploration Permian has a 52 week low of $24.08 and a 52 week high of $41.53. The firm has a market capitalization of $800.42 million, a P/E ratio of 6.41 and a beta of 0.93.

Riley Exploration Permian Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 12th. Investors of record on Wednesday, July 29th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Wednesday, July 29th. Riley Exploration Permian’s dividend payout ratio (DPR) is presently 28.99%.

Insider Transactions at Riley Exploration Permian

In other Riley Exploration Permian news, insider Corey Neil Riley sold 3,500 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $35.20, for a total transaction of $123,200.00. Following the completion of the transaction, the insider owned 210,062 shares in the company, valued at approximately $7,394,182.40. This represents a 1.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Bobby Riley sold 12,500 shares of Riley Exploration Permian stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $35.85, for a total value of $448,125.00. Following the completion of the sale, the chief executive officer directly owned 482,983 shares in the company, valued at $17,314,940.55. This represents a 2.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in REPX. BlackRock Inc. bought a new stake in Riley Exploration Permian during the 2nd quarter worth about $40,302,000. Arrowstreet Capital Limited Partnership increased its position in shares of Riley Exploration Permian by 572.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 608,833 shares of the company’s stock valued at $22,192,000 after acquiring an additional 518,340 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Riley Exploration Permian in the second quarter valued at about $8,021,000. Denali Advisors LLC bought a new stake in Riley Exploration Permian during the second quarter worth about $7,517,000. Finally, Bank of America Corp DE raised its holdings in Riley Exploration Permian by 608.2% during the first quarter. Bank of America Corp DE now owns 196,032 shares of the company’s stock worth $7,145,000 after acquiring an additional 168,352 shares in the last quarter. Institutional investors own 58.91% of the company’s stock.

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.