RigNet Inc. (RNET) Lowered to Hold at Zacks Investment Research
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. “
RNET has been the topic of a number of other research reports. Jefferies Group increased their price objective on shares of RigNet from $14.00 to $17.00 and gave the stock a buy rating in a report on Wednesday. Oppenheimer Holdings Inc. reaffirmed a market perform rating on shares of RigNet in a report on Wednesday, August 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. RigNet presently has a consensus rating of Hold and an average price target of $16.25.
Shares of RigNet (NASDAQ:RNET) opened at 16.65 on Friday. RigNet has a one year low of $10.32 and a one year high of $23.03. The stock’s market cap is $296.47 million. The firm has a 50 day moving average of $15.50 and a 200 day moving average of $13.56.
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, topping the Zacks’ 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 company had revenue of $50.60 million for the quarter, compared to the consensus estimate of $52.37 million. During the same period last year, the firm posted ($0.62) EPS. The company’s revenue for the quarter was down 23.7% on a year-over-year basis. On average, equities research analysts predict that RigNet will post ($0.35) EPS for the current fiscal year.
In other news, Director Kevin C. Mulloy sold 3,650 shares of RigNet stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $12.14, for a total value of $44,311.00. Following the transaction, the director now owns 52 shares of the company’s stock, valued at approximately $631.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.70% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in RNET. Spark Investment Management LLC acquired a new position in shares of RigNet during the third quarter valued at about $216,000. Skandinaviska Enskilda Banken AB publ boosted its position 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 in the last quarter. Northern Trust Corp boosted its position 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 in the last quarter. California State Teachers Retirement System boosted its position 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 in the last quarter. Finally, Rhumbline Advisers boosted its position 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 in the last quarter. 96.49% of the stock is currently owned by institutional investors.
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.
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