Riley Exploration Permian (REPX) announced that its Board of Directors has approved a cash dividend on the Company's common stock in the amount of $0.38 per share. The dividend is payable on November 7, 2024 to stockholders of record as of the close of business on October 24, 2024.
This represents a 6% increase from the previous dividend of $0.36 per share that was distributed the four quarters prior, with the most recent being August 8, 2024.
REPX closed on October 11th at $29.70.
They raised the dividend because free cash flow is increasing. Based on annualized dividends of $1.52 the yield is $5.1%, which is very good for a company that also has double digit production growth locked in. < 33.1% YOY in 2022, 61.5% YOY in 2023, on pace for 16.7% YOY in 2024.
They are on pace to generate 2024 Net Income of $110 to $120 million ($5.30 per share at the midpoint) and Adjusted Operating Cash Flow of $228 million ($10.56 per share) based on my forecast.
TipRanks updated price target is $43.75, which compared to my valuation of $51.00.
REPX is my Top Pick in our Small-Cap Growth Portfolio.
Riley Exploration Permian (REPX) raises dividend by 6%
Riley Exploration Permian (REPX) raises dividend by 6%
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group