Zacks Investment Research downgraded shares of RSP Permian, Inc. (NYSE:RSPP) from a hold rating to a sell rating in a research note issued to investors on Wednesday.
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 analysts have also recently commented on RSPP. UBS AG raised RSP Permian from a neutral rating to a buy rating and increased their target price for the company from $45.00 to $53.00 in a report on Thursday, March 23rd. Scotiabank set a $43.00 target price on RSP Permian and gave the company a buy rating in a report on Saturday, July 1st. Northland Securities set a $52.00 target price on RSP Permian and gave the company a buy rating in a report on Monday, July 17th. Stifel Nicolaus reissued a buy rating and set a $41.00 target price on shares of RSP Permian in a report on Friday, July 14th. Finally, BMO Capital Markets set a $38.00 target price on RSP Permian and gave the company a buy rating in a report on Monday, June 26th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. RSP Permian presently has an average rating of Buy and an average price target of $48.30.
RSP Permian (NYSE:RSPP) traded down 0.84% during mid-day trading on Wednesday, hitting $33.11. The company had a trading volume of 1,619,782 shares. The company has a 50-day moving average price of $33.02 and a 200 day moving average price of $38.71. The firm has a market capitalization of $5.25 billion, a P/E ratio of 128.83 and a beta of 2.12. RSP Permian has a 12 month low of $29.67 and a 12 month high of $46.92.
RSP Permian (NYSE:RSPP) last released its quarterly earnings results on Tuesday, May 2nd. The oil and natural gas company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. The company had revenue of $169.93 million during the quarter, compared to analysts’ expectations of $159.81 million. RSP Permian had a return on equity of 1.18% and a net margin of 6.73%. Equities analysts forecast that RSP Permian will post $0.84 EPS for the current fiscal year.
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In other RSP Permian news, major shareholder Richard A. Kayne sold 17,250,000 shares of the firm’s 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP James E. Mutrie sold 11,000 shares of the firm’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $39.08, for a total value of $429,880.00. Following the completion of the sale, the vice president now owns 51,627 shares in the company, valued at $2,017,583.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,408,000 shares of company stock worth $674,565,790. Insiders own 15.00% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. 1st Global Advisors Inc. boosted its stake in 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 in the last quarter. Two Sigma Securities LLC acquired a new stake in RSP Permian during the first quarter worth $279,000. Teacher Retirement System of Texas boosted its stake in RSP Permian by 4.3% in the first quarter. Teacher Retirement System of Texas now owns 8,091 shares of the oil and natural gas company’s stock worth $335,000 after buying an additional 331 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in RSP Permian during the first quarter worth $342,000. Finally, Canada Pension Plan Investment Board acquired a new stake in RSP Permian during the first quarter worth $345,000. Institutional investors own 77.50% 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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