RigNet Inc. (RNET) Upgraded to Hold 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 issued 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 restated a “buy” rating and issued a $14.00 price objective (down previously from $16.00) on shares of RigNet in a research report on Saturday, August 13th. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of RigNet in a research report on Wednesday, August 17th. Finally, Sidoti upgraded 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. One investment 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. The company currently has an average rating of “Hold” and a consensus target price of $14.67.
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RigNet (NASDAQ:RNET) opened at 16.60 on Tuesday. RigNet has a 12-month low of $10.32 and a 12-month high of $32.81. The company has a 50-day moving average price of $14.03 and a 200-day moving average price of $13.32. The firm’s market capitalization is $295.58 million.
RigNet (NASDAQ:RNET) last announced its quarterly earnings data on Monday, August 8th. The company reported ($0.27) EPS for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.29. The firm earned $54.91 million during the quarter, compared to analyst estimates of $58.50 million. RigNet had a negative net margin of 11.91% and a negative return on equity of 2.41%. RigNet’s revenue for the quarter was down 26.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.34 EPS. On average, analysts predict that RigNet will post ($0.35) earnings per share for the current year.
In other news, Director Kevin C. Mulloy sold 3,650 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $12.14, for a total transaction of $44,311.00. Following the completion of the transaction, the director now directly owns 52 shares of the company’s stock, valued at approximately $631.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC boosted its position in shares of RigNet by 133.2% in the second quarter. FMR LLC now owns 1,861,830 shares of the company’s stock worth $24,930,000 after buying an additional 1,063,430 shares during the period. JPMorgan Chase & Co. boosted 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 worth $4,099,000 after buying an additional 299,499 shares during the period. Bogle Investment Management L P DE acquired a new position in shares of RigNet during the first quarter worth $2,029,000. Cannell Capital LLC boosted its position in shares of RigNet by 78.9% in the second quarter. Cannell Capital LLC now owns 311,577 shares of the company’s stock worth $4,172,000 after buying an additional 137,452 shares during the period. Finally, Thomson Horstmann & Bryant Inc. acquired a new position in shares of RigNet during the second quarter worth $1,700,000. 96.23% of the stock is owned by institutional investors and hedge funds.
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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