Riley Exploration Permian, Inc. (NYSE:REPX) Announces Dividend Increase – $0.38 Per Share

Riley Exploration Permian, Inc. (NYSE:REPX) declared a quarterly dividend on Friday, October 11th, Wall Street Journal reports. Stockholders 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 annualized dividend and a dividend yield of 5.12%. The ex-dividend date 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 dividend payout ratio of 19.9% meaning its dividend is sufficiently covered by earnings. 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 $1.44 annual dividend with an expected future payout ratio of 19.8%.

Riley Exploration Permian Trading Up 4.0 %

Riley Exploration Permian stock opened at $29.70 on Friday. Riley Exploration Permian has a one year low of $21.27 and a one year high of $34.90. The company’s fifty day moving average price is $26.96 and its two-hundred day moving average price is $27.73. The company has a market capitalization of $640.93 million, a price-to-earnings ratio of 6.11 and a beta of 1.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.63 and a quick ratio of 0.58.

Riley Exploration Permian (NYSE:REPX) last posted its earnings results on Wednesday, August 7th. The company reported $1.61 earnings per share 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 company had revenue of $105.40 million during the quarter, compared to analyst estimates of $106.62 million. On average, analysts forecast that Riley Exploration Permian will post 6.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Riley Exploration Permian news, CEO Bobby Riley sold 8,981 shares of Riley Exploration Permian stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $26.49, for a total value of $237,906.69. Following the transaction, the chief executive officer now directly owns 326,375 shares of the company’s stock, valued at $8,645,673.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.90% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Truist Financial lowered their target price on shares of 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.