RigNet Inc. (RNET) Upgraded to Hold at Zacks Investment Research
RigNet Inc. (NASDAQ:RNET) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “RigNet, Inc is engaged in providing data network infrastructure serving the remote communications needs of the oil and gas industry. The Company delivers voice, data, video and other value-added services such as real-time management services through a Internet Protocol/Multiprotocol Label Switching, or IP/MPLS, global network. RigNet operates its business through three reportable segments: eastern hemisphere, western hemisphere and U.S. land. The eastern hemisphere segment provides services outside USA in the eastern part; western hemisphere provides services outside USA in the western part; while the U.S. land segment offers services to facilities located onshore in North America. RigNet, Inc is headquartered in Houston, Texas. “
Several other equities research analysts have also commented on the company. Sidoti upgraded RigNet from a “neutral” rating to a “buy” rating and set a $14.00 price objective for the company in a research note on Tuesday, June 28th. Jefferies Group reiterated a “buy” rating and set a $14.00 price objective (down from $16.00) on shares of RigNet in a research note on Saturday, August 13th. Finally, Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of RigNet in a research note on Wednesday, August 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $14.67.
Shares of RigNet (NASDAQ:RNET) opened at 16.60 on Tuesday. RigNet has a 52 week low of $10.32 and a 52 week high of $32.81. The company’s 50 day moving average price is $14.03 and its 200-day moving average price is $13.32. The company’s market capitalization is $295.58 million.
RigNet (NASDAQ:RNET) last announced 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. RigNet had a negative net margin of 11.91% and a negative return on equity of 2.41%. The business earned $54.91 million during the quarter, compared to analysts’ expectations of $58.50 million. During the same quarter in the prior year, the firm earned $0.34 EPS. RigNet’s revenue for the quarter was down 26.9% on a year-over-year basis. Analysts anticipate that RigNet will post ($0.35) earnings per share for the current fiscal year.
In other news, Director Kevin C. Mulloy sold 3,650 shares of the company’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $12.14, for a total value of $44,311.00. Following the completion of the sale, the director now directly owns 52 shares in the company, valued at $631.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.70% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in RigNet by 296,533.7% in the first quarter. JPMorgan Chase & Co. now owns 299,600 shares of the company’s stock worth $4,099,000 after buying an additional 299,499 shares during the period. Geode Capital Management LLC raised its stake in RigNet by 4.1% in the first quarter. Geode Capital Management LLC now owns 89,274 shares of the company’s stock worth $1,221,000 after buying an additional 3,490 shares during the period. Bogle Investment Management L P DE bought a new stake in RigNet during the first quarter worth about $2,029,000. Jacobs Levy Equity Management Inc. bought a new stake in RigNet during the first quarter worth about $1,005,000. Finally, Punch & Associates Investment Management Inc. raised its stake in RigNet by 72.1% in the second quarter. Punch & Associates Investment Management Inc. now owns 212,942 shares of the company’s stock worth $2,851,000 after buying an additional 89,176 shares during the period. Institutional investors and hedge funds own 96.23% of the company’s stock.
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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