Zacks Investment Research upgraded shares of RSP Permian, Inc. (NYSE:RSPP) from a hold rating to a buy rating in a research report report published on Friday morning. They currently have $40.00 price objective 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. “
Other analysts have also recently issued research reports about the stock. BMO Capital Markets set a $42.00 price objective on shares of RSP Permian and gave the company a buy rating in a research note on Tuesday, August 8th. Bank of America Corporation began coverage on shares of RSP Permian in a research note on Wednesday, July 19th. They set a buy rating and a $45.00 price objective for the company. Northland Securities set a $52.00 price objective on shares of RSP Permian and gave the company a buy rating in a research note on Monday, July 17th. Williams Capital set a $47.00 price objective on shares of RSP Permian and gave the company a buy rating in a research note on Tuesday, August 8th. Finally, Roth Capital set a $44.00 price objective on shares of RSP Permian and gave the company a buy rating in a research note on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $46.67.
Shares of RSP Permian (NYSE:RSPP) traded down $0.22 during midday trading on Friday, reaching $35.23. 1,626,294 shares of the company traded hands, compared to its average volume of 1,760,071. RSP Permian has a one year low of $28.76 and a one year high of $46.92. The stock has a market cap of $5,587.65, a PE ratio of 83.88, a PEG ratio of 1.50 and a beta of 2.15. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.93 and a current ratio of 0.93.
RSP Permian (NYSE:RSPP) last announced its quarterly earnings data on Monday, August 7th. The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. RSP Permian had a net margin of 12.71% and a return on equity of 1.86%. The company had revenue of $183.10 million during the quarter, compared to analysts’ expectations of $185.01 million. During the same quarter in the prior year, the company earned ($0.04) EPS. RSP Permian’s revenue was up 124.7% compared to the same quarter last year. research analysts anticipate that RSP Permian will post 0.78 earnings per share for the current fiscal year.
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In other RSP Permian news, CEO Steven D. Gray bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were purchased at an average cost of $29.99 per share, with a total value of $299,900.00. Following the purchase, the chief executive officer now directly owns 311,688 shares in the company, valued at $9,347,523.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ted Collins, Jr. sold 42,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $32.75, for a total transaction of $1,375,500.00. Following the sale, the director now directly owns 8,178,851 shares in the company, valued at $267,857,370.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 248,560 shares of company stock worth $8,060,453. Company insiders own 15.00% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Eagle Asset Management Inc. increased its stake in RSP Permian by 8.1% during the 2nd quarter. Eagle Asset Management Inc. now owns 3,166,539 shares of the oil and natural gas company’s stock worth $102,184,000 after buying an additional 236,985 shares during the period. OppenheimerFunds Inc. increased its stake in RSP Permian by 24.3% during the 1st quarter. OppenheimerFunds Inc. now owns 13,448 shares of the oil and natural gas company’s stock worth $557,000 after buying an additional 2,627 shares during the period. Victory Capital Management Inc. increased its stake in RSP Permian by 49.2% during the 2nd quarter. Victory Capital Management Inc. now owns 1,214,602 shares of the oil and natural gas company’s stock worth $39,195,000 after buying an additional 400,254 shares during the period. Cipher Capital LP increased its stake in RSP Permian by 54.7% during the 2nd quarter. Cipher Capital LP now owns 82,238 shares of the oil and natural gas company’s stock worth $2,654,000 after buying an additional 29,094 shares during the period. Finally, Capital Advisors Inc. OK purchased a new stake in RSP Permian during the 2nd quarter worth approximately $7,907,000. 86.60% of the stock is currently owned by hedge funds and other institutional investors.
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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