Riley Exploration price target raised to $45 from $40 at Truist

Truist analyst Neal Dingmann raised the firm’s price target on Riley Exploration (REPX) to $45 from $40 and keeps a Buy rating on the shares. The company’s power JV, RPC Power, recently closed on a $60M construction-to-term loan facility, facilitating organic growth at the JV level and ensuring relatively low-cost additional capital to run phase one and bring online phase two of the operations, the analyst tells investors in a research note. Riley’s power projects are also “another solid source of earnings” to complement the upstream business, Truist added.