Riley Exploration Permian, Inc. (NYSE:REPX) Increases Dividend to $0.38 Per Share

Riley Exploration Permian, Inc. (NYSE:REPX) announced a quarterly dividend on Thursday, October 10th, Wall Street Journal reports. Investors of record on Thursday, October 24th will be paid a dividend of 0.38 per share on Thursday, November 7th. This represents a $1.52 dividend on an annualized basis and a yield of 5.51%. The ex-dividend date of this dividend is Thursday, October 24th. This is a positive change from Riley Exploration Permian’s previous quarterly dividend of $0.36.

Riley Exploration Permian has a payout ratio of 21.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Riley Exploration Permian to earn $7.29 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 20.9%.

Riley Exploration Permian Stock Up 0.2 %

REPX opened at $27.58 on Wednesday. The firm has a market cap of $594.18 million, a P/E ratio of 5.61 and a beta of 1.33. The business’s fifty day simple moving average is $27.45 and its 200 day simple moving average is $27.48. Riley Exploration Permian has a 52 week low of $21.27 and a 52 week high of $34.90. The company has a quick ratio of 0.58, a current ratio of 0.63 and a debt-to-equity ratio of 0.62.

Riley Exploration Permian (NYSE:REPX) last released its earnings results on Wednesday, August 7th. The company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.74 by ($0.13). Riley Exploration Permian had a return on equity of 25.74% and a net margin of 23.95%. The firm had revenue of $105.40 million during the quarter, compared to analysts’ expectations of $106.62 million. As a group, equities research analysts anticipate that Riley Exploration Permian will post 6.37 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Bobby Riley sold 8,981 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $26.49, for a total transaction of $237,906.69. Following the completion of the transaction, the chief executive officer now owns 326,375 shares of the company’s stock, valued at approximately $8,645,673.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.90% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Truist Financial decreased their price target on Riley Exploration Permian from $45.00 to $38.00 and set a “buy” rating on the stock in a research note on Monday, September 30th.

Riley Exploration Permian Company Profile

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.