KeyCorp Reiterates Buy Rating for RSP Permian, Inc. (RSPP)
RSP Permian, Inc. (NYSE:RSPP)‘s stock had its “buy” rating reiterated by KeyCorp in a note issued to investors on Tuesday. They presently have a $49.00 target price on the oil and natural gas company’s stock. KeyCorp’s target price would indicate a potential upside of 54.33% from the company’s previous close.
RSPP has been the subject of several other reports. Barclays PLC boosted their target price on RSP Permian from $38.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, October 11th. Jefferies Group LLC reissued a “buy” rating and issued a $47.00 target price on shares of RSP Permian in a report on Tuesday, October 10th. Northland Securities reissued a “buy” rating and issued a $52.00 target price on shares of RSP Permian in a report on Tuesday, September 26th. Royal Bank Of Canada reissued a “buy” rating and issued a $44.00 target price on shares of RSP Permian in a report on Thursday, July 20th. Finally, Morgan Stanley reduced their target price on RSP Permian from $45.00 to $41.00 and set an “overweight” rating for the company in a report on Tuesday, August 8th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. RSP Permian currently has an average rating of “Buy” and a consensus price target of $46.58.
Shares of RSP Permian (NYSE RSPP) traded down 1.49% on Tuesday, hitting $31.75. The stock had a trading volume of 2,072,750 shares. The stock has a 50 day moving average price of $32.95 and a 200-day moving average price of $34.34. The company has a market cap of $5.04 billion, a price-to-earnings ratio of 58.58 and a beta of 2.17. RSP Permian has a 12-month low of $28.76 and a 12-month high of $46.92.
RSP Permian (NYSE:RSPP) last posted its earnings results on Monday, August 7th. The oil and natural gas company reported $0.17 earnings per share for the quarter, beating 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 business had revenue of $183.10 million during the quarter, compared to the consensus estimate of $185.01 million. During the same period in the previous year, the business earned ($0.04) EPS. The business’s quarterly revenue was up 124.7% on a year-over-year basis. On average, equities analysts expect that RSP Permian will post $0.75 earnings per share for the current year.
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In related news, COO Zane W. Arrott sold 47,113 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $31.29, for a total value of $1,474,165.77. Following the sale, the chief operating officer now owns 86,614 shares of the company’s stock, valued at approximately $2,710,152.06. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Ted Collins, Jr. sold 42,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $32.75, for a total value of $1,375,500.00. Following the completion of the sale, the director now directly owns 8,178,851 shares in the company, valued at approximately $267,857,370.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 248,560 shares of company stock worth $8,060,453. Insiders own 15.00% of the company’s stock.
A number of hedge funds have recently bought and sold shares of RSPP. Eagle Asset Management lifted its stake in RSP Permian by 71.3% in the 3rd quarter. Eagle Asset Management now owns 6,055,366 shares of the oil and natural gas company’s stock valued at $122,620,000 after buying an additional 2,519,789 shares in the last quarter. Russell Frank Co lifted its stake in RSP Permian by 180.5% in the 4th quarter. Russell Frank Co now owns 149,937 shares of the oil and natural gas company’s stock valued at $3,655,000 after buying an additional 96,474 shares in the last quarter. Cambiar Investors LLC purchased a new stake in RSP Permian in the 4th quarter valued at approximately $30,777,000. Neuberger Berman Group LLC lifted its stake in RSP Permian by 5,704.3% in the 4th quarter. Neuberger Berman Group LLC now owns 700,875 shares of the oil and natural gas company’s stock valued at $17,094,000 after buying an additional 688,800 shares in the last quarter. Finally, Nationwide Fund Advisors lifted its stake in RSP Permian by 11.2% in the 4th quarter. Nationwide Fund Advisors now owns 77,725 shares of the oil and natural gas company’s stock valued at $1,896,000 after buying an additional 7,854 shares in the last quarter. 86.63% 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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