RSP Permian’s (RSPP) Buy Rating Reiterated at Canaccord Genuity
RSP Permian Inc. (NYSE:RSPP)‘s stock had its “buy” rating reissued by Canaccord Genuity in a report released on Friday. They presently have a $50.00 target price on the stock, up from their previous target price of $42.00. Canaccord Genuity’s price objective would indicate a potential upside of 18.48% from the stock’s previous close.
Several other brokerages also recently weighed in on RSPP. Zacks Investment Research raised RSP Permian from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Wednesday, October 12th. KeyCorp boosted their price objective on RSP Permian from $43.00 to $45.00 and gave the stock an “overweight” rating in a research note on Monday, August 22nd. Capital One Financial Corp. initiated coverage on RSP Permian in a research note on Thursday, October 6th. They issued an “overweight” rating on the stock. RBC Capital Markets set a $46.00 price objective on RSP Permian and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Finally, Royal Bank Of Canada boosted their price objective on RSP Permian from $41.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 9th. Six investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $38.92.
RSP Permian (NYSE:RSPP) traded down 0.24% during mid-day trading on Friday, hitting $42.10. The company had a trading volume of 1,743,170 shares. The company’s market cap is $4.28 billion. The company’s 50 day moving average price is $38.79 and its 200-day moving average price is $34.94. RSP Permian has a one year low of $16.74 and a one year high of $43.30.
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RSP Permian (NYSE:RSPP) last announced its earnings results on Monday, August 8th. The company reported ($0.04) earnings per share for the quarter, meeting the consensus estimate of ($0.04). The firm had revenue of $81.50 million for the quarter, compared to the consensus estimate of $71.12 million. RSP Permian had a positive return on equity of 0.31% and a negative net margin of 13.38%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.16 EPS. Equities research analysts anticipate that RSP Permian will post ($0.19) EPS for the current fiscal year.
In other RSP Permian news, Director Kenneth V. Huseman acquired 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was acquired at an average price of $37.76 per share, with a total value of $75,520.00. Following the transaction, the director now owns 19,510 shares of the company’s stock, valued at $736,697.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP William Huck sold 6,000 shares of the business’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $38.76, for a total value of $232,560.00. Following the transaction, the vice president now directly owns 387,837 shares of the company’s stock, valued at approximately $15,032,562.12. The disclosure for this sale can be found here. Insiders own 23.50% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. BOKF NA acquired a new position in RSP Permian during the second quarter valued at $102,000. BNP Paribas Arbitrage SA boosted its position in RSP Permian by 50,766.7% in the second quarter. BNP Paribas Arbitrage SA now owns 3,052 shares of the company’s stock valued at $106,000 after buying an additional 3,046 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in RSP Permian by 3,330.0% in the second quarter. Tower Research Capital LLC TRC now owns 4,459 shares of the company’s stock valued at $156,000 after buying an additional 4,329 shares in the last quarter. Comerica Bank acquired a new position in RSP Permian during the second quarter valued at $205,000. Finally, Jane Street Group LLC acquired a new position in RSP Permian during the second quarter valued at $208,000. 86.35% of the stock is owned by institutional investors and hedge funds.
RSP Permian Company Profile
RSP Permian, Inc is an independent oil and natural gas company focused on 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 operates through the oil and natural gas exploration and production industry in the United States segment.
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