First Eagle Investment Management LLC Raises Position in Riley Exploration Permian, Inc. $REPX

First Eagle Investment Management LLC raised its position in shares of Riley Exploration Permian, Inc. (NYSE:REPX) by 134.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 430,946 shares of the company’s stock after acquiring an additional 246,798 shares during the quarter. First Eagle Investment Management LLC owned approximately 1.95% of Riley Exploration Permian worth $14,204,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in REPX. Dynamic Technology Lab Private Ltd purchased a new position in shares of Riley Exploration Permian in the 1st quarter valued at approximately $249,000. Empowered Funds LLC boosted its position in shares of Riley Exploration Permian by 1.8% during the first quarter. Empowered Funds LLC now owns 31,549 shares of the company’s stock valued at $920,000 after purchasing an additional 562 shares in the last quarter. Jane Street Group LLC purchased a new stake in Riley Exploration Permian in the first quarter worth $431,000. JPMorgan Chase & Co. grew its stake in Riley Exploration Permian by 27.1% in the second quarter. JPMorgan Chase & Co. now owns 7,438 shares of the company’s stock worth $195,000 after purchasing an additional 1,586 shares during the period. Finally, Rhumbline Advisers raised its holdings in Riley Exploration Permian by 17.2% in the second quarter. Rhumbline Advisers now owns 19,052 shares of the company’s stock worth $500,000 after purchasing an additional 2,802 shares in the last quarter. Hedge funds and other institutional investors own 58.91% of the company’s stock.

Analysts Set New Price Targets

REPX has been the subject of several recent research reports. Roth Capital reissued a “buy” rating and set a $45.00 price objective on shares of Riley Exploration Permian in a research report on Thursday, July 23rd. Truist Financial reduced their target price on shares of Riley Exploration Permian from $47.00 to $41.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Finally, Zacks Research lowered shares of Riley Exploration Permian from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Riley Exploration Permian presently has an average rating of “Moderate Buy” and an average target price of $43.00.

Insider Activity

In other news, CEO Bobby Riley sold 12,500 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $35.85, for a total transaction of $448,125.00. Following the completion of the transaction, the chief executive officer directly owned 482,983 shares in the company, valued at $17,314,940.55. This trade represents a 2.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philip Riley sold 4,000 shares of Riley Exploration Permian stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $37.61, for a total value of $150,440.00. Following the completion of the transaction, the chief financial officer directly owned 235,503 shares of the company’s stock, valued at approximately $8,857,267.83. This represents a 1.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 20,000 shares of company stock worth $721,765 over the last three months. 4.20% of the stock is currently owned by corporate insiders.

Riley Exploration Permian Stock Performance

Riley Exploration Permian stock opened at $41.93 on Monday. Riley Exploration Permian, Inc. has a twelve month low of $24.08 and a twelve month high of $42.11. The company has a quick ratio of 0.64, a current ratio of 0.70 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $928.92 million, a P/E ratio of 7.43 and a beta of 0.96. The stock’s 50 day moving average is $35.56 and its 200 day moving average is $34.88.

Riley Exploration Permian Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Wednesday, July 29th. Riley Exploration Permian’s dividend payout ratio is currently 28.99%.

About Riley Exploration Permian

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.