RigNet Inc. (RNET) Given Consensus Recommendation of “Hold” by Brokerages
Shares of RigNet Inc. (NASDAQ:RNET) have been given a consensus rating of “Hold” by the eight ratings firms that are currently covering the firm. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $14.67.
RNET has been the topic of several research reports. Jefferies Group reissued a “buy” rating and issued a $14.00 price target (down from $16.00) on shares of RigNet in a research note on Saturday, August 13th. Sidoti raised shares of RigNet from a “neutral” rating to a “buy” rating and set a $14.00 price target on the stock in a research note on Tuesday, June 28th. Zacks Investment Research raised shares of RigNet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 19th. Finally, Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of RigNet in a research note on Wednesday, August 17th.
In other RigNet news, Director Kevin C. Mulloy sold 3,650 shares of RigNet stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $12.14, for a total transaction of $44,311.00. Following the transaction, the director now directly owns 52 shares of the company’s stock, valued at $631.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.70% of the company’s stock.
A number of institutional investors have recently modified their holdings of RNET. AQR Capital Management LLC boosted its stake in shares of RigNet by 98.5% in the second quarter. AQR Capital Management LLC now owns 40,444 shares of the company’s stock worth $542,000 after buying an additional 20,066 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in shares of RigNet by 248.2% in the second quarter. Panagora Asset Management Inc. now owns 23,022 shares of the company’s stock worth $308,000 after buying an additional 16,410 shares in the last quarter. A.R.T. Advisors LLC bought a new stake in shares of RigNet during the second quarter worth $589,000. Cannell Capital LLC boosted its stake in shares of RigNet by 78.9% in the second quarter. Cannell Capital LLC now owns 311,577 shares of the company’s stock worth $4,172,000 after buying an additional 137,452 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of RigNet by 13.1% in the second quarter. Rhumbline Advisers now owns 13,642 shares of the company’s stock worth $183,000 after buying an additional 1,584 shares in the last quarter. 96.23% of the stock is currently owned by institutional investors.
Shares of RigNet (NASDAQ:RNET) traded down 2.93% during trading on Monday, reaching $16.55. 18,290 shares of the company’s stock were exchanged. The stock’s market cap is $294.69 million. RigNet has a 12-month low of $10.32 and a 12-month high of $32.81. The company has a 50 day moving average of $13.92 and a 200 day moving average of $13.30.
RigNet (NASDAQ:RNET) last posted its quarterly earnings results on Monday, August 8th. The company reported ($0.27) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by $0.29. The business earned $54.91 million during the quarter, compared to analysts’ expectations of $58.50 million. RigNet had a negative return on equity of 2.41% and a negative net margin of 11.91%. The business’s quarterly revenue was down 26.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.34 earnings per share. Equities research analysts anticipate that RigNet will post ($0.35) EPS for the current year.
RigNet, Inc (RigNet) is a provider of digital technology solutions to the oil and gas industry. The Company provides managed remote communications, managed services and collaborative applications, focusing on offshore and onshore drilling rigs, energy production facilities, and energy maritime. The Company operates through three segments: Eastern Hemisphere, Western Hemisphere and RigNet Systems Integration and Automation.
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