Zacks Investment Research upgraded shares of RSP Permian Inc. (NYSE:RSPP) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $47.00 price target on the stock.

According to Zacks, “RSP Permian, Inc. is engaged in the acquisition, exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves primarily in the Permian Basin of West Texas. RSP Permian, Inc. is based in Dallas, United States. “

Several other brokerages have also recently commented on RSPP. KeyCorp raised their target price on RSP Permian from $43.00 to $45.00 and gave the stock an overweight rating in a research report on Monday, August 22nd. Capital One Financial Corp. began coverage on RSP Permian in a report on Thursday, October 6th. They set an overweight rating for the company. RBC Capital Markets set a $46.00 target price on RSP Permian and gave the company a buy rating in a research note on Tuesday, August 9th. Royal Bank Of Canada raised their target price on RSP Permian from $41.00 to $46.00 and gave the company an outperform rating in a research note on Tuesday, August 9th. Finally, BMO Capital Markets set a $40.00 target price on RSP Permian and gave the company a buy rating in a research note on Tuesday, August 9th. Six analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $37.28.

RSP Permian (NYSE:RSPP) opened at 41.86 on Wednesday. RSP Permian has a 12 month low of $16.74 and a 12 month high of $42.15. The stock’s market capitalization is $4.25 billion. The stock has a 50 day moving average price of $38.61 and a 200 day moving average price of $34.79.

RSP Permian (NYSE:RSPP) last issued its earnings results on Monday, August 8th. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). The firm earned $81.50 million during the quarter, compared to analysts’ expectations of $71.12 million. RSP Permian had a positive return on equity of 0.31% and a negative net margin of 13.38%. RSP Permian’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $0.16 earnings per share. On average, equities research analysts forecast that RSP Permian will post ($0.19) earnings per share for the current fiscal year.

In other RSP Permian news, Director Ted Collins, Jr. sold 42,000 shares of the stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $34.04, for a total value of $1,429,680.00. Following the transaction, the director now owns 8,590,088 shares in the company, valued at $292,406,595.52. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ted Collins, Jr. sold 21,000 shares of the stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $33.77, for a total value of $709,170.00. Following the completion of the transaction, the director now owns 8,590,088 shares in the company, valued at approximately $290,087,271.76. The disclosure for this sale can be found here. 23.50% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BOKF NA bought a new position in RSP Permian during the second quarter worth $102,000. BNP Paribas Arbitrage SA raised its position in RSP Permian by 50,766.7% in the second quarter. BNP Paribas Arbitrage SA now owns 3,052 shares of the company’s stock worth $106,000 after buying an additional 3,046 shares in the last quarter. Tower Research Capital LLC TRC raised its position in RSP Permian by 3,330.0% in the second quarter. Tower Research Capital LLC TRC now owns 4,459 shares of the company’s stock worth $156,000 after buying an additional 4,329 shares in the last quarter. Comerica Bank bought a new position in RSP Permian during the second quarter worth $205,000. Finally, Jane Street Group LLC bought a new position in RSP Permian during the second quarter worth $208,000. Institutional investors and hedge funds own 86.36% of the company’s stock.

RSP Permian Company Profile

RSP Permian, Inc is an independent oil and natural gas company focused on the acquisition, exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas. The Company operates through the oil and natural gas exploration and production industry in the United States segment.

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