RSP Permian, Inc. (RSPP) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of RSP Permian, Inc. (NYSE:RSPP) from a strong sell rating to a hold rating in a research note published on Tuesday.
According to Zacks, “RSP Permian, Inc. is engaged in the acquisition, exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves primarily in the Permian Basin of West Texas. RSP Permian, Inc. is based in Dallas, United States. “
RSPP has been the subject of several other research reports. Williams Capital assumed coverage on RSP Permian in a research note on Monday, June 12th. They set a buy rating and a $47.00 target price for the company. TheStreet cut RSP Permian from a b- rating to a c rating in a research note on Wednesday, July 5th. Barclays PLC reaffirmed an overweight rating and set a $44.00 target price on shares of RSP Permian in a research note on Wednesday, April 26th. Royal Bank Of Canada reaffirmed a buy rating and set a $55.00 target price on shares of RSP Permian in a research note on Friday, June 16th. Finally, Roth Capital set a $65.00 target price on RSP Permian and gave the stock a buy rating in a research note on Tuesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $46.56.
RSP Permian (RSPP) opened at 31.32 on Tuesday. RSP Permian has a 12-month low of $29.67 and a 12-month high of $46.92. The company has a market cap of $4.97 billion, a PE ratio of 57.79 and a beta of 2.13. The stock’s 50 day moving average price is $32.65 and its 200 day moving average price is $37.14.
RSP Permian (NYSE:RSPP) last released its earnings results on Monday, August 7th. The oil and natural gas company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. RSP Permian had a return on equity of 1.86% and a net margin of 12.71%. The business had revenue of $183.10 million during the quarter, compared to analysts’ expectations of $185.01 million. During the same quarter last year, the firm posted ($0.04) earnings per share. The firm’s revenue was up 124.7% on a year-over-year basis. Equities research analysts anticipate that RSP Permian will post $0.72 EPS for the current year.
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In other RSP Permian news, CEO Steven D. Gray purchased 15,000 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The shares were acquired at an average cost of $36.19 per share, for a total transaction of $542,850.00. Following the completion of the acquisition, the chief executive officer now owns 301,688 shares of the company’s stock, valued at approximately $10,918,088.72. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Richard A. Kayne sold 17,250,000 shares of RSP Permian stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $38.78, for a total value of $668,955,000.00. The disclosure for this sale can be found here. Insiders have sold 17,465,113 shares of company stock worth $675,966,446 over the last quarter. 15.00% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of RSPP. BNP Paribas Arbitrage SA raised its stake in shares of RSP Permian by 65.7% in the second quarter. BNP Paribas Arbitrage SA now owns 4,301 shares of the oil and natural gas company’s stock worth $139,000 after buying an additional 1,705 shares during the period. Gluskin Sheff & Assoc Inc. acquired a new stake in shares of RSP Permian during the second quarter worth approximately $210,000. 1st Global Advisors Inc. raised its stake in shares of RSP Permian by 1.9% in the first quarter. 1st Global Advisors Inc. now owns 6,594 shares of the oil and natural gas company’s stock worth $273,000 after buying an additional 121 shares during the period. Two Sigma Securities LLC acquired a new stake in shares of RSP Permian during the first quarter worth approximately $279,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of RSP Permian during the second quarter worth approximately $225,000. Institutional investors and hedge funds own 78.60% of the company’s stock.
RSP Permian Company Profile
RSP Permian, Inc is an independent oil and natural gas company. The Company is engaged in the acquisition, exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas. The Company’s properties are located on contiguous acreage blocks in the Midland Basin, and the Delaware Basin, both sub-basins of the Permian Basin.
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