RigNet Inc. (RNET) Upgraded at Zacks Investment Research
RigNet Inc. (NASDAQ:RNET) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “RigNet, Inc is engaged in providing data network infrastructure serving the remote communications needs of the oil and gas industry. The Company delivers voice, data, video and other value-added services such as real-time management services through a Internet Protocol/Multiprotocol Label Switching, or IP/MPLS, global network. RigNet operates its business through three reportable segments: eastern hemisphere, western hemisphere and U.S. land. The eastern hemisphere segment provides services outside USA in the eastern part; western hemisphere provides services outside USA in the western part; while the U.S. land segment offers services to facilities located onshore in North America. RigNet, Inc is headquartered in Houston, Texas. “
RNET has been the subject of a number of other research reports. Jefferies Group reaffirmed a “buy” rating and issued a $14.00 price objective (down previously from $16.00) on shares of RigNet in a research note on Saturday, August 13th. Sidoti raised shares of RigNet from a “neutral” rating to a “buy” rating and set a $14.00 price target for the company in a research report on Tuesday, June 28th. Finally, Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of RigNet in a research report on Wednesday, August 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $14.67.
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RigNet (NASDAQ:RNET) opened at 16.60 on Tuesday. RigNet has a one year low of $10.32 and a one year high of $32.81. The firm’s market capitalization is $295.58 million. The stock’s 50 day moving average is $14.03 and its 200-day moving average is $13.32.
RigNet (NASDAQ:RNET) last announced its quarterly earnings data on Monday, August 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.29. RigNet had a negative net margin of 11.91% and a negative return on equity of 2.41%. The business earned $54.91 million during the quarter, compared to analysts’ expectations of $58.50 million. During the same period last year, the company posted $0.34 EPS. RigNet’s revenue for the quarter was down 26.9% on a year-over-year basis. On average, analysts anticipate that RigNet will post ($0.35) EPS for the current fiscal year.
In other RigNet news, Director Kevin C. Mulloy sold 3,650 shares of the company’s stock in a transaction on Friday, September 2nd. The shares were sold at an average price of $12.14, for a total value of $44,311.00. Following the completion of the transaction, the director now directly owns 52 shares in the company, valued at approximately $631.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.70% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of RNET. JPMorgan Chase & Co. raised its position in shares of RigNet by 296,533.7% in the first quarter. JPMorgan Chase & Co. now owns 299,600 shares of the company’s stock valued at $4,099,000 after buying an additional 299,499 shares during the period. Geode Capital Management LLC raised its position in shares of RigNet by 4.1% in the first quarter. Geode Capital Management LLC now owns 89,274 shares of the company’s stock valued at $1,221,000 after buying an additional 3,490 shares during the period. Bogle Investment Management L P DE bought a new position in shares of RigNet during the first quarter valued at approximately $2,029,000. Jacobs Levy Equity Management Inc. bought a new position in shares of RigNet during the first quarter valued at approximately $1,005,000. Finally, Punch & Associates Investment Management Inc. raised its position in shares of RigNet by 72.1% in the second quarter. Punch & Associates Investment Management Inc. now owns 212,942 shares of the company’s stock valued at $2,851,000 after buying an additional 89,176 shares during the period. Institutional investors and hedge funds own 96.23% of the company’s stock.
RigNet, Inc (RigNet) is a provider of digital technology solutions to the oil and gas industry. The Company provides managed remote communications, managed services and collaborative applications, focusing on offshore and onshore drilling rigs, energy production facilities, and energy maritime. The Company operates through three segments: Eastern Hemisphere, Western Hemisphere and RigNet Systems Integration and Automation.
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