RigNet Inc. Forecasted to Post FY2016 Earnings of ($0.65) Per Share (RNET)
RigNet Inc. (NASDAQ:RNET) – Stock analysts at William Blair decreased their FY2016 earnings per share (EPS) estimates for shares of RigNet in a note issued to investors on Tuesday. William Blair analyst B. Dobell now anticipates that the firm will post earnings of ($0.65) per share for the year, down from their prior forecast of ($0.59). William Blair also issued estimates for RigNet’s Q4 2016 earnings at ($0.17) EPS, Q1 2017 earnings at ($0.06) EPS, Q2 2017 earnings at ($0.03) EPS, Q3 2017 earnings at $0.01 EPS, Q4 2017 earnings at $0.00 EPS and FY2017 earnings at ($0.08) EPS.
RigNet (NASDAQ:RNET) last posted its quarterly earnings results on Monday, November 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. RigNet had a negative net margin of 8.44% and a negative return on equity of 6.14%. The business earned $50.60 million during the quarter, compared to the consensus estimate of $52.37 million. During the same quarter last year, the firm posted ($0.62) EPS. RigNet’s revenue was down 23.7% compared to the same quarter last year.
Several other analysts also recently weighed in on the company. Jefferies Group reiterated a “buy” rating and issued a $14.00 price objective (down previously from $16.00) on shares of RigNet in a research report on Saturday, August 13th. Zacks Investment Research upgraded RigNet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 19th. Finally, Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of RigNet in a research report on Wednesday, August 17th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. RigNet presently has a consensus rating of “Hold” and a consensus target price of $16.25.
Shares of RigNet (NASDAQ:RNET) opened at 16.65 on Friday. The firm’s market cap is $296.47 million. The company has a 50-day moving average of $15.50 and a 200 day moving average of $13.56. RigNet has a 52-week low of $10.32 and a 52-week high of $23.03.
In related 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 transaction of $44,311.00. Following the completion of the transaction, the director now owns 52 shares in the company, valued at $631.28. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.70% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Spark Investment Management LLC acquired a new position in shares of RigNet during the third quarter worth approximately $216,000. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of RigNet by 53.0% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 873,932 shares of the company’s stock valued at $13,214,000 after buying an additional 302,758 shares during the last quarter. Northern Trust Corp boosted its stake in shares of RigNet by 7.6% in the third quarter. Northern Trust Corp now owns 153,736 shares of the company’s stock valued at $2,325,000 after buying an additional 10,863 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of RigNet by 0.8% in the third quarter. California State Teachers Retirement System now owns 26,706 shares of the company’s stock valued at $404,000 after buying an additional 200 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of RigNet by 5.1% in the third quarter. Rhumbline Advisers now owns 14,342 shares of the company’s stock valued at $217,000 after buying an additional 700 shares during the last quarter. Institutional investors own 96.49% of the company’s stock.
RigNet Company Profile
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.
Receive News & Stock Ratings for RigNet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RigNet Inc. and related stocks with our FREE daily email newsletter.