Cannell & Spears LLC Takes $2.22 Million Position in Riley Exploration Permian, Inc. $REPX

Cannell & Spears LLC acquired a new position in shares of Riley Exploration Permian, Inc. (NYSE:REPX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 82,025 shares of the company’s stock, valued at approximately $2,224,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Creative Planning grew its holdings in Riley Exploration Permian by 21.1% in the 3rd quarter. Creative Planning now owns 13,712 shares of the company’s stock valued at $372,000 after buying an additional 2,390 shares during the last quarter. PCG Wealth Advisors LLC bought a new stake in shares of Riley Exploration Permian in the third quarter valued at approximately $1,186,000. Kennedy Capital Management LLC grew its stake in shares of Riley Exploration Permian by 15.0% in the third quarter. Kennedy Capital Management LLC now owns 248,663 shares of the company’s stock worth $6,741,000 after acquiring an additional 32,522 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Riley Exploration Permian in the third quarter worth $1,250,000. Finally, UBS Group AG increased its position in Riley Exploration Permian by 2.6% during the third quarter. UBS Group AG now owns 81,100 shares of the company’s stock worth $2,199,000 after acquiring an additional 2,042 shares during the period. Institutional investors own 58.91% of the company’s stock.

Riley Exploration Permian Trading Down 1.7%

Shares of Riley Exploration Permian stock opened at $33.20 on Monday. Riley Exploration Permian, Inc. has a 52-week low of $21.98 and a 52-week high of $34.31. The firm has a market capitalization of $716.02 million, a PE ratio of 5.89 and a beta of 1.22. 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 company’s fifty day moving average price is $28.39 and its two-hundred day moving average price is $27.47.

Riley Exploration Permian Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Thursday, January 22nd were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 4.8%. The ex-dividend date was Thursday, January 22nd. Riley Exploration Permian’s payout ratio is 21.08%.

Riley Exploration Permian declared that its board has approved a stock buyback program on Tuesday, December 16th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 18% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently commented on REPX shares. William Blair reiterated an “outperform” rating on shares of Riley Exploration Permian in a research note on Thursday, March 5th. Zacks Research lowered shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $36.00.

Insider Transactions at Riley Exploration Permian

In related news, insider Corey Neil Riley sold 3,500 shares of the stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $27.41, for a total value of $95,935.00. Following the completion of the transaction, the insider owned 158,565 shares of the company’s stock, valued at $4,346,266.65. This represents a 2.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Bobby Riley sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $27.79, for a total transaction of $347,375.00. Following the transaction, the chief executive officer owned 336,931 shares of the company’s stock, valued at approximately $9,363,312.49. This represents a 3.58% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 36,000 shares of company stock worth $961,510. 4.70% of the stock is currently owned by 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.