RSP Permian Inc. (NYSE:RSPP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $47.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 12.57% from the company’s current price.
According to Zacks, “RSP Permian, Inc. is engaged in the acquisition, exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves primarily in the Permian Basin of West Texas. RSP Permian, Inc. is based in Dallas, United States. “
RSPP has been the topic of several other reports. Roth Capital reissued a “buy” rating on shares of RSP Permian in a report on Tuesday, July 12th. Morgan Stanley began coverage on shares of RSP Permian in a report on Thursday, July 21st. They set an “equal weight” rating and a $43.00 price objective on the stock. RBC Capital Markets set a $46.00 price objective on shares of RSP Permian and gave the company a “buy” rating in a report on Tuesday, August 9th. Piper Jaffray Cos. raised their target price on shares of RSP Permian from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, July 13th. Finally, Canaccord Genuity restated a “buy” rating and issued a $34.00 target price on shares of RSP Permian in a research note on Wednesday, July 6th. Six investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. RSP Permian presently has an average rating of “Buy” and an average target price of $37.28.
Shares of RSP Permian (NYSE:RSPP) opened at 41.75 on Wednesday. RSP Permian has a 52 week low of $16.74 and a 52 week high of $42.56. The stock’s market capitalization is $4.24 billion. The firm’s 50-day moving average is $38.70 and its 200-day moving average is $34.84.
RSP Permian (NYSE:RSPP) last issued its quarterly earnings data on Monday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.04). The company had revenue of $81.50 million for the quarter, compared to analyst estimates of $71.12 million. RSP Permian had a negative net margin of 13.38% and a positive return on equity of 0.31%. RSP Permian’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $0.16 earnings per share. Analysts forecast that RSP Permian will post ($0.19) earnings per share for the current fiscal year.
In other RSP Permian news, Director Kenneth V. Huseman acquired 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The stock was bought at an average price of $37.76 per share, with a total value of $75,520.00. Following the purchase, the director now owns 19,510 shares in the company, valued at $736,697.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ted Collins, Jr. sold 21,000 shares of the company’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $33.77, for a total transaction of $709,170.00. Following the sale, the director now directly owns 8,590,088 shares of the company’s stock, valued at approximately $290,087,271.76. The disclosure for this sale can be found here. Corporate insiders own 23.50% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Virginia Retirement System purchased a new position in RSP Permian during the first quarter valued at $299,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in RSP Permian during the first quarter valued at $248,000. BlackRock Inc. raised its position in RSP Permian by 15.0% in the first quarter. BlackRock Inc. now owns 27,721 shares of the company’s stock valued at $806,000 after buying an additional 3,608 shares during the last quarter. BlackRock Group LTD raised its position in RSP Permian by 29.1% in the first quarter. BlackRock Group LTD now owns 50,522 shares of the company’s stock valued at $1,466,000 after buying an additional 11,382 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in RSP Permian by 1.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,723,550 shares of the company’s stock valued at $50,052,000 after buying an additional 23,982 shares during the last quarter. 86.36% of the stock is owned by institutional investors.
About RSP Permian
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.