RSP Permian, Inc. (RSPP) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of RSP Permian, Inc. (NYSE:RSPP) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $38.00 price target on the oil and natural gas company’s stock.
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. “
A number of other equities research analysts also recently weighed in on the stock. Jefferies Group LLC reaffirmed a buy rating and issued a $47.00 target price on shares of RSP Permian in a research note on Tuesday. Stifel Nicolaus set a $43.00 target price on shares of RSP Permian and gave the company a buy rating in a research note on Thursday, October 5th. Northland Securities reaffirmed a buy rating and issued a $52.00 target price on shares of RSP Permian in a research note on Tuesday, September 26th. BidaskClub raised shares of RSP Permian from a sell rating to a hold rating in a research note on Saturday, September 23rd. Finally, Piper Jaffray Companies decreased their price target on shares of RSP Permian from $49.00 to $37.00 and set an overweight rating on the stock in a research note on Monday, September 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-eight have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $47.39.
Shares of RSP Permian (NYSE:RSPP) traded down 1.01% during midday trading on Wednesday, hitting $34.24. 1,085,653 shares of the company traded hands. The stock has a market capitalization of $5.43 billion, a PE ratio of 63.17 and a beta of 2.17. The stock has a 50 day moving average of $32.29 and a 200-day moving average of $34.85. RSP Permian has a 52 week low of $28.76 and a 52 week high of $46.92.
RSP Permian (NYSE:RSPP) last announced its earnings results on Monday, August 7th. The oil and natural gas company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The business had revenue of $183.10 million for the quarter, compared to the consensus estimate of $185.01 million. RSP Permian had a net margin of 12.71% and a return on equity of 1.86%. RSP Permian’s quarterly revenue was up 124.7% on a year-over-year basis. During the same period last year, the firm posted ($0.04) earnings per share. Equities analysts forecast that RSP Permian will post $0.74 earnings per share for the current fiscal year.
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In related news, COO Zane W. Arrott sold 47,113 shares of RSP Permian stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $31.29, for a total value of $1,474,165.77. Following the sale, the chief operating officer now owns 86,614 shares in the company, valued at $2,710,152.06. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steven D. Gray purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The stock was bought at an average price of $29.99 per share, for a total transaction of $299,900.00. Following the acquisition, the chief executive officer now owns 311,688 shares of the company’s stock, valued at $9,347,523.12. The disclosure for this purchase can be found here. In the last quarter, insiders sold 248,560 shares of company stock worth $8,060,453. 15.00% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. Sentry Investment Management LLC bought a new stake in shares of RSP Permian during the 2nd quarter valued at $210,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of RSP Permian during the 2nd quarter valued at $1,003,000. Public Employees Retirement System of Ohio bought a new stake in shares of RSP Permian during the 2nd quarter valued at $1,892,000. Verition Fund Management LLC bought a new stake in shares of RSP Permian during the 2nd quarter valued at $310,000. Finally, BW Gestao de Investimentos Ltda. bought a new stake in shares of RSP Permian during the 2nd quarter valued at $6,454,000. Hedge funds and other institutional investors own 86.57% of the company’s stock.
About RSP Permian
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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