RSP Permian, Inc. (RSPP) Price Target Raised to $46.00
RSP Permian, Inc. (NYSE:RSPP) had its target price raised by stock analysts at Morgan Stanley from $41.00 to $46.00 in a research report issued on Wednesday. The brokerage currently has an “overweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s price target suggests a potential upside of 35.37% from the company’s previous close.
A number of other brokerages have also recently weighed in on RSPP. ValuEngine cut shares of RSP Permian from a “hold” rating to a “sell” rating in a research note on Thursday, June 22nd. BMO Capital Markets set a $38.00 target price on RSP Permian and gave the stock a “buy” rating in a report on Monday, June 26th. Scotiabank set a $43.00 target price on RSP Permian and gave the stock a “buy” rating in a report on Saturday, July 1st. Jefferies Group LLC reaffirmed a “buy” rating and set a $46.00 target price on shares of RSP Permian in a report on Thursday, July 6th. Finally, TheStreet cut RSP Permian from a “b-” rating to a “c” rating in a research note on Wednesday, July 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $47.16.
Shares of RSP Permian (RSPP) opened at 33.98 on Wednesday. The stock’s 50 day moving average is $32.55 and its 200 day moving average is $34.73. RSP Permian has a 12 month low of $28.76 and a 12 month high of $46.92. The stock has a market cap of $5.39 billion, a P/E ratio of 62.69 and a beta of 2.17.
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, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.02. RSP Permian had a return on equity of 1.86% and a net margin of 12.71%. The firm had revenue of $183.10 million for the quarter, compared to analysts’ expectations of $185.01 million. During the same period last year, the business posted ($0.04) earnings per share. The firm’s revenue for the quarter was up 124.7% on a year-over-year basis. Analysts predict that RSP Permian will post $0.74 earnings per share for the current fiscal year.
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In other news, VP James E. Mutrie sold 12,447 shares of RSP Permian stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $31.47, for a total transaction of $391,707.09. Following the completion of the sale, the vice president now directly owns 38,005 shares in the company, valued at approximately $1,196,017.35. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steven D. Gray purchased 10,000 shares of RSP Permian stock in a transaction dated Tuesday, August 29th. The shares were purchased at an average price of $29.99 per share, with a total value of $299,900.00. Following the completion of the acquisition, the chief executive officer now owns 311,688 shares in the company, valued at $9,347,523.12. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 248,560 shares of company stock valued at $8,060,453. 15.00% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of RSPP. BNP Paribas Arbitrage SA lifted its holdings in RSP Permian by 50,766.7% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,052 shares of the oil and natural gas company’s stock worth $106,000 after purchasing an additional 3,046 shares during the last quarter. WFG Advisors LP lifted its holdings in RSP Permian by 724,900.0% in the 4th quarter. WFG Advisors LP now owns 7,250 shares of the oil and natural gas company’s stock worth $107,000 after purchasing an additional 7,249 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in RSP Permian by 3,330.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,459 shares of the oil and natural gas company’s stock worth $156,000 after purchasing an additional 4,329 shares during the last quarter. Gluskin Sheff & Assoc Inc. acquired a new stake in RSP Permian in the 2nd quarter worth approximately $210,000. Finally, Sentry Investment Management LLC acquired a new stake in RSP Permian in the 2nd quarter worth approximately $210,000. Hedge funds and other institutional investors own 86.57% 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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