According to Zacks, “RigNet, Inc is engaged in providing data network infrastructure serving the remote communications needs of the oil and gas industry. The Company delivers voice, data, video and other value-added services such as real-time management services through a Internet Protocol/Multiprotocol Label Switching, or IP/MPLS, global network. RigNet operates its business through three reportable segments: eastern hemisphere, western hemisphere and U.S. land. The eastern hemisphere segment provides services outside USA in the eastern part; western hemisphere provides services outside USA in the western part; while the U.S. land segment offers services to facilities located onshore in North America. RigNet, Inc is headquartered in Houston, Texas. “
Other equities analysts have also issued research reports about the company. Jefferies Group reaffirmed a buy rating and issued a $14.00 price target (down previously from $16.00) on shares of RigNet in a research note on Saturday, August 13th. Sidoti raised RigNet from a neutral rating to a buy rating and set a $14.00 price target on the stock in a research note on Tuesday, June 28th. Finally, Oppenheimer Holdings Inc. reaffirmed a market perform rating on shares of RigNet in a research note on Wednesday, August 17th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $14.67.
RigNet (NASDAQ:RNET) opened at 16.55 on Tuesday. The stock’s 50 day moving average price is $14.14 and its 200 day moving average price is $13.35. RigNet has a 52 week low of $10.32 and a 52 week high of $32.81. The stock’s market cap is $294.69 million.
RigNet (NASDAQ:RNET) last released its quarterly earnings data on Monday, August 8th. The company reported ($0.27) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.29. The company had revenue of $54.91 million for the quarter, compared to analyst estimates of $58.50 million. RigNet had a negative return on equity of 2.41% and a negative net margin of 11.91%. The business’s quarterly revenue was down 26.9% on a year-over-year basis. During the same period last year, the firm posted $0.34 EPS. On average, analysts forecast that RigNet will post ($0.35) earnings per share for the current year.
In related news, Director Kevin C. Mulloy sold 3,650 shares of the business’s stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $12.14, for a total value of $44,311.00. Following the sale, the director now owns 52 shares in the company, valued at approximately $631.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.70% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System increased its stake in RigNet by 1.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 12,674 shares of the company’s stock valued at $170,000 after buying an additional 139 shares in the last quarter. Rhumbline Advisers increased its stake in RigNet by 13.1% in the second quarter. Rhumbline Advisers now owns 13,642 shares of the company’s stock valued at $183,000 after buying an additional 1,584 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in RigNet during the second quarter valued at about $213,000. Panagora Asset Management Inc. increased its stake in RigNet by 248.2% in the second quarter. Panagora Asset Management Inc. now owns 23,022 shares of the company’s stock valued at $308,000 after buying an additional 16,410 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in RigNet by 3.6% in the second quarter. California State Teachers Retirement System now owns 26,506 shares of the company’s stock valued at $355,000 after buying an additional 931 shares in the last quarter. Hedge funds and other institutional investors own 96.23% of the company’s stock.
RigNet Company Profile
RigNet, Inc (RigNet) is a provider of digital technology solutions to the oil and gas industry. The Company provides managed remote communications, managed services and collaborative applications, focusing on offshore and onshore drilling rigs, energy production facilities, and energy maritime. The Company operates through three segments: Eastern Hemisphere, Western Hemisphere and RigNet Systems Integration and Automation.
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