RigNet Inc. Forecasted to Earn Q4 2016 Earnings of $0.05 Per Share (RNET)
RigNet Inc. (NASDAQ:RNET) – Equities research analysts at Oppenheimer Holdings lifted their Q4 2016 earnings per share estimates for shares of RigNet in a note issued to investors on Wednesday. Oppenheimer Holdings analyst T. Horan now expects that the brokerage will post earnings of $0.05 per share for the quarter, up from their previous estimate of ($0.08). Oppenheimer Holdings currently has a “Market Perform” rating on the stock. Oppenheimer Holdings also issued estimates for RigNet’s FY2017 earnings at $0.21 EPS and FY2018 earnings at $0.20 EPS.
RNET has been the subject of a number of other reports. Jefferies Group reaffirmed a “buy” rating and set a $14.00 price target (down from $16.00) on shares of RigNet in a report on Saturday, August 13th. Zacks Investment Research raised RigNet from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. RigNet currently has an average rating of “Hold” and a consensus target price of $16.25.
Shares of RigNet (NASDAQ:RNET) opened at 16.30 on Monday. RigNet has a one year low of $10.32 and a one year high of $23.03. The stock’s 50 day moving average price is $15.58 and its 200 day moving average price is $13.53. The stock’s market capitalization is $292.21 million.
RigNet (NASDAQ:RNET) last announced its earnings results on Monday, November 7th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. RigNet had a negative return on equity of 6.14% and a negative net margin of 8.44%. The business earned $50.60 million during the quarter, compared to the consensus estimate of $52.37 million. During the same period in the prior year, the business posted ($0.62) earnings per share. RigNet’s revenue was down 23.7% compared to the same quarter last year.
In other news, Director Kevin C. Mulloy sold 3,650 shares of RigNet stock in a transaction 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 of the company’s stock, valued at approximately $631.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.70% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in RNET. FMR LLC boosted its stake in RigNet by 133.2% in the second quarter. FMR LLC now owns 1,861,830 shares of the company’s stock valued at $24,930,000 after buying an additional 1,063,430 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its stake in 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 period. JPMorgan Chase & Co. boosted 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 valued at $4,099,000 after buying an additional 299,499 shares during the period. Cannell Capital LLC boosted its stake in RigNet by 78.9% in the second quarter. Cannell Capital LLC now owns 311,577 shares of the company’s stock valued at $4,172,000 after buying an additional 137,452 shares during the period. Finally, Thomson Horstmann & Bryant Inc. purchased a new stake in RigNet during the second quarter valued at approximately $1,700,000. 96.59% of the stock is owned by institutional investors.
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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