Equities research analysts at Bank of America Corporation began coverage on shares of RSP Permian, Inc. (NYSE:RSPP) in a note issued to investors on Wednesday, The Fly reports. The brokerage set a “buy” rating on the oil and natural gas company’s stock.
RSPP has been the subject of several other reports. Scotiabank set a $51.00 target price on RSP Permian and gave the stock a “buy” rating in a research note on Monday, March 27th. Wolfe Research initiated coverage on RSP Permian in a research note on Thursday, June 15th. They set an “outperform” rating and a $45.00 target price for the company. Credit Suisse Group initiated coverage on RSP Permian in a research note on Thursday, June 1st. They set an “outperform” rating and a $59.00 target price for the company. Williams Capital initiated coverage on RSP Permian in a research note on Monday, June 12th. They set a “buy” rating and a $47.00 target price for the company. Finally, Royal Bank Of Canada restated a “buy” rating and set a $55.00 target price on shares of RSP Permian in a research note on Friday, June 16th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and twenty-seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $48.64.
Shares of RSP Permian (NYSE RSPP) opened at 32.86 on Wednesday. RSP Permian has a 12-month low of $29.67 and a 12-month high of $46.92. The company’s 50-day moving average price is $33.16 and its 200-day moving average price is $38.78. The firm has a market capitalization of $5.21 billion, a PE ratio of 127.86 and a beta of 2.12.
RSP Permian (NYSE:RSPP) last released its earnings results on Tuesday, May 2nd. The oil and natural gas company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.02. RSP Permian had a return on equity of 1.18% and a net margin of 6.73%. The firm had revenue of $169.93 million during the quarter, compared to analysts’ expectations of $159.81 million. Analysts anticipate that RSP Permian will post $0.90 EPS for the current year.
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In other RSP Permian news, VP James E. Mutrie sold 11,000 shares of the stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $39.08, for a total transaction of $429,880.00. Following the completion of the sale, the vice president now directly owns 51,627 shares in the company, valued at approximately $2,017,583.16. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Richard A. Kayne sold 17,250,000 shares of the stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $38.78, for a total value of $668,955,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,408,000 shares of company stock valued at $674,565,790. Company insiders own 15.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of RSPP. Vanguard Group Inc. increased its stake in shares of RSP Permian by 16.4% in the first quarter. Vanguard Group Inc. now owns 8,908,920 shares of the oil and natural gas company’s stock worth $369,096,000 after buying an additional 1,256,249 shares during the last quarter. BlackRock Inc. increased its stake in shares of RSP Permian by 15,355.9% in the first quarter. BlackRock Inc. now owns 7,398,913 shares of the oil and natural gas company’s stock worth $306,537,000 after buying an additional 7,351,042 shares during the last quarter. State Street Corp increased its stake in shares of RSP Permian by 30.2% in the first quarter. State Street Corp now owns 3,614,583 shares of the oil and natural gas company’s stock worth $149,756,000 after buying an additional 838,188 shares during the last quarter. Teachers Advisors LLC increased its stake in shares of RSP Permian by 49.9% in the fourth quarter. Teachers Advisors LLC now owns 3,291,626 shares of the oil and natural gas company’s stock worth $146,872,000 after buying an additional 1,095,570 shares during the last quarter. Finally, Westwood Holdings Group Inc. increased its stake in shares of RSP Permian by 66.4% in the first quarter. Westwood Holdings Group Inc. now owns 2,803,325 shares of the oil and natural gas company’s stock worth $116,142,000 after buying an additional 1,118,888 shares during the last quarter. Hedge funds and other institutional investors own 77.50% of the company’s stock.
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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