Riley Exploration initiated with a Buy at Truist

Truist initiated coverage of Riley Exploration (REPX) with a Buy rating and $47 price target The company is a small-cap oil-weighted E&P targeting conventional development in the Permian Basin differentiating itself vs. peers, which enables a lower PDP – proved developed producing reserves – decline and thus capital intensity, supporting attractive free cash flow generation and payout as evidenced by its 5% dividend yield, the analyst tells investors in a research note.