RSP Permian Inc. (RSPP) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of RSP Permian Inc. (NYSE:RSPP) from a hold rating to a buy rating in a report released on Wednesday morning. Zacks Investment Research currently has $47.00 target price on the stock.

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. “

Other equities research analysts also recently issued research reports about the company. Piper Jaffray Cos. upped their price objective on RSP Permian from $38.00 to $40.00 and gave the company an overweight rating in a report on Wednesday, July 13th. Goldman Sachs Group Inc. downgraded RSP Permian from a buy rating to a neutral rating and upped their price objective for the company from $38.00 to $39.00 in a report on Wednesday, August 10th. Barclays PLC boosted their target price on RSP Permian from $35.00 to $43.00 and gave the company an equal weight rating in a research note on Monday, August 15th. BMO Capital Markets set a $40.00 target price on RSP Permian and gave the company a buy rating in a research note on Tuesday, August 9th. Finally, RBC Capital Markets set a $46.00 target price on RSP Permian and gave the company a buy rating in a research note on Tuesday, August 9th. Six investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. RSP Permian currently has a consensus rating of Buy and a consensus target price of $37.56.

Shares of RSP Permian (NYSE:RSPP) opened at 42.20 on Wednesday. The firm’s 50-day moving average price is $38.79 and its 200-day moving average price is $34.94. The firm’s market capitalization is $4.29 billion. RSP Permian has a 12 month low of $16.74 and a 12 month high of $42.72.

RSP Permian (NYSE:RSPP) last released its quarterly earnings data on Monday, August 8th. The company reported ($0.04) EPS for the quarter, meeting analysts’ consensus estimates of ($0.04). The business earned $81.50 million during the quarter, compared to the consensus estimate of $71.12 million. RSP Permian had a positive return on equity of 0.31% and a negative net margin of 13.38%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.16 earnings per share. On average, equities analysts anticipate that RSP Permian will post ($0.19) earnings per share for the current year.

In other RSP Permian news, Director Ted Collins, Jr. sold 42,000 shares of the firm’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $34.04, for a total transaction of $1,429,680.00. Following the transaction, the director now owns 8,590,088 shares in the company, valued at approximately $292,406,595.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ted Collins, Jr. sold 21,000 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $33.77, for a total value of $709,170.00. Following the transaction, the director now owns 8,590,088 shares in the company, valued at approximately $290,087,271.76. The disclosure for this sale can be found here. Insiders own 23.50% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA raised its position in RSP Permian by 107.8% in the third quarter. BNP Paribas Arbitrage SA now owns 6,341 shares of the company’s stock worth $246,000 after buying an additional 3,289 shares during the period. Macquarie Group Ltd. raised its position in RSP Permian by 21.4% in the second quarter. Macquarie Group Ltd. now owns 673,493 shares of the company’s stock worth $23,498,000 after buying an additional 118,618 shares during the period. Sanctuary Wealth Advisors LLC bought a new position in RSP Permian during the second quarter worth approximately $3,635,000. Schwab Charles Investment Management Inc. raised its position in RSP Permian by 13.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 260,732 shares of the company’s stock worth $9,097,000 after buying an additional 30,156 shares during the period. Finally, Amalgamated Bank raised its position in RSP Permian by 21.8% in the second quarter. Amalgamated Bank now owns 8,588 shares of the company’s stock worth $327,000 after buying an additional 1,536 shares during the period. Hedge funds and other institutional investors own 86.35% of the company’s stock.

RSP Permian Company Profile

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.

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