Bank of America Corporation Begins Coverage on RSP Permian, Inc. (RSPP)

Bank of America Corporation started coverage on shares of RSP Permian, Inc. (NYSE:RSPP) in a report issued on Wednesday, July 19th. The firm issued a buy rating and a $45.00 price objective on the oil and natural gas company’s stock.

A number of other equities research analysts also recently weighed in on the stock. Williams Capital began coverage on shares of RSP Permian in a report on Monday, June 12th. They issued a buy rating and a $47.00 price target for the company. TheStreet downgraded shares of RSP Permian from a b- rating to a c rating in a report on Wednesday, July 5th. Zacks Investment Research raised shares of RSP Permian from a hold rating to a buy rating and set a $45.00 price target for the company in a report on Tuesday, April 11th. Barclays PLC reissued an overweight rating and issued a $44.00 price target on shares of RSP Permian in a report on Wednesday, April 26th. Finally, Royal Bank Of Canada reissued a buy rating and issued a $55.00 price target on shares of RSP Permian in a report on Friday, June 16th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-seven have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $47.49.

RSP Permian (NYSE RSPP) opened at 31.11 on Wednesday. RSP Permian has a one year low of $29.67 and a one year high of $46.92. The stock has a market cap of $4.93 billion, a P/E ratio of 121.05 and a beta of 2.13. The stock has a 50 day moving average of $32.76 and a 200-day moving average of $38.07.

In related news, major shareholder Richard A. Kayne sold 17,250,000 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $38.78, for a total value of $668,955,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Ted Collins, Jr. sold 42,000 shares of the stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $40.59, for a total value of $1,704,780.00. Following the completion of the transaction, the director now owns 8,306,651 shares in the company, valued at approximately $337,166,964.09. The disclosure for this sale can be found here. Insiders sold 17,397,000 shares of company stock worth $674,135,910 in the last 90 days. 15.00% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas increased its position in RSP Permian by 4.3% in the first quarter. Teacher Retirement System of Texas now owns 8,091 shares of the oil and natural gas company’s stock worth $335,000 after buying an additional 331 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in RSP Permian by 27.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 592,654 shares of the oil and natural gas company’s stock worth $24,554,000 after buying an additional 128,887 shares in the last quarter. OppenheimerFunds Inc. increased its position in RSP Permian by 24.3% in the first quarter. OppenheimerFunds Inc. now owns 13,448 shares of the oil and natural gas company’s stock worth $557,000 after buying an additional 2,627 shares in the last quarter. Quadrature Capital Ltd boosted its stake in shares of RSP Permian by 74.8% in the fourth quarter. Quadrature Capital Ltd now owns 24,324 shares of the oil and natural gas company’s stock worth $1,086,000 after buying an additional 10,410 shares during the last quarter. Finally, Adams Diversified Equity Fund Inc. boosted its stake in shares of RSP Permian by 3.1% in the first quarter. Adams Diversified Equity Fund Inc. now owns 20,000 shares of the oil and natural gas company’s stock worth $829,000 after buying an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 77.51% 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.