RigNet Inc. (RNET) Stock Rating Upgraded by Zacks Investment Research
RigNet Inc. (NASDAQ:RNET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The firm currently has a $18.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 10.43% from the stock’s previous close.
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. “
Other research analysts have also issued reports about the company. Jefferies Group increased their price objective on RigNet from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, November 9th. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of RigNet in a research note on Wednesday, August 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $16.25.
Shares of RigNet (NASDAQ:RNET) opened at 16.30 on Friday. The firm’s market cap is $292.21 million. The company has a 50-day moving average of $15.58 and a 200 day moving average of $13.53. RigNet has a 12-month low of $10.32 and a 12-month high of $23.03.
RigNet (NASDAQ:RNET) last issued its earnings results on Monday, November 7th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.01. The business earned $50.60 million during the quarter, compared to analyst estimates of $52.37 million. RigNet had a negative return on equity of 6.14% and a negative net margin of 8.44%. RigNet’s revenue was down 23.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.62) earnings per share. Equities analysts predict that RigNet will post ($0.35) EPS for the current year.
In other news, Director Kevin C. Mulloy sold 3,650 shares of the stock in a transaction 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 sale, the director now owns 52 shares in the company, valued at $631.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company acquired a new stake in shares of RigNet during the third quarter valued at approximately $152,000. SECOR Capital Advisors LP boosted its stake in shares of RigNet by 5.4% in the third quarter. SECOR Capital Advisors LP now owns 15,151 shares of the company’s stock valued at $229,000 after buying an additional 771 shares during the last quarter. Spark Investment Management LLC acquired a new stake in shares of RigNet during the third quarter valued at 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. Finally, 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. Institutional investors own 96.59% 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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