Zacks Investment Research Upgrades RSP Permian, Inc. (RSPP) to Buy

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 $38.00 price objective on the oil and natural gas company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 10.08% from the stock’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. “

Several other analysts also recently issued reports on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $44.00 price objective on shares of RSP Permian in a research report on Thursday, July 20th. Bank of America Corporation started coverage on shares of RSP Permian in a research report on Wednesday, July 19th. They issued a “buy” rating and a $45.00 price objective for the company. Northland Securities set a $52.00 price objective on shares of RSP Permian and gave the company a “buy” rating in a research report on Monday, August 21st. ValuEngine cut RSP Permian from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. 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 given a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the company. RSP Permian presently has an average rating of “Buy” and a consensus price target of $47.14.

Shares of RSP Permian (NYSE:RSPP) traded down 0.75% on Wednesday, reaching $34.26. 87,866 shares of the company were exchanged. The stock has a market capitalization of $5.43 billion, a PE ratio of 63.21 and a beta of 2.17. RSP Permian has a 1-year low of $28.76 and a 1-year high of $46.92. The company has a 50-day moving average price of $32.17 and a 200 day moving average price of $34.85.

RSP Permian (NYSE:RSPP) last issued its quarterly earnings data on Monday, August 7th. The oil and natural gas company reported $0.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.02. RSP Permian had a net margin of 12.71% and a return on equity of 1.86%. The company had revenue of $183.10 million during the quarter, compared to the consensus estimate of $185.01 million. During the same quarter last year, the company earned ($0.04) earnings per share. RSP Permian’s revenue for the quarter was up 124.7% on a year-over-year basis. On average, analysts forecast that RSP Permian will post $0.74 EPS for the current fiscal year.

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In other RSP Permian news, Director Ted Collins, Jr. sold 21,000 shares of the firm’s stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $34.78, for a total value of $730,380.00. Following the sale, the director now directly owns 8,094,851 shares in the company, valued at $281,538,917.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ted Collins, Jr. sold 42,000 shares of the firm’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $34.74, for a total value of $1,459,080.00. The disclosure for this sale can be found here. Insiders sold 248,560 shares of company stock worth $8,060,453 over the last quarter. 15.00% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of RSP Permian by 15,355.9% during the first quarter. BlackRock Inc. now owns 7,398,913 shares of the oil and natural gas company’s stock valued at $306,537,000 after purchasing an additional 7,351,042 shares during the period. Third Point LLC increased its holdings in shares of RSP Permian by 92.5% during the second quarter. Third Point LLC now owns 3,850,000 shares of the oil and natural gas company’s stock valued at $124,240,000 after purchasing an additional 1,850,000 shares during the period. Vanguard Group Inc. increased its holdings in shares of RSP Permian by 16.4% during the first quarter. Vanguard Group Inc. now owns 8,908,920 shares of the oil and natural gas company’s stock valued at $369,096,000 after purchasing an additional 1,256,249 shares during the period. Westwood Holdings Group Inc. increased its holdings in shares of RSP Permian by 66.4% during the first quarter. Westwood Holdings Group Inc. now owns 2,803,325 shares of the oil and natural gas company’s stock valued at $116,142,000 after purchasing an additional 1,118,888 shares during the period. Finally, State Street Corp increased its holdings in shares of RSP Permian by 30.2% during the first quarter. State Street Corp now owns 3,614,583 shares of the oil and natural gas company’s stock valued at $149,756,000 after purchasing an additional 838,188 shares during the period. 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.

Analyst Recommendations for RSP Permian (NYSE:RSPP)

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