RSP Permian, Inc. (NYSE:RSPP) Lifted to “Conviction-Buy” at Goldman Sachs Group, Inc. (The)

RSP Permian, Inc. (NYSE:RSPP) was upgraded by investment analysts at Goldman Sachs Group, Inc. (The) from a “buy” rating to a “conviction-buy” rating in a research note issued on Wednesday. The brokerage currently has a $45.00 price objective on the oil and natural gas company’s stock. Goldman Sachs Group, Inc. (The)’s price objective would indicate a potential upside of 39.49% from the company’s previous close.

Other research analysts have also issued reports about the stock. Barclays PLC reiterated an “overweight” rating and issued a $44.00 target price on shares of RSP Permian in a research report on Wednesday, April 26th. Royal Bank Of Canada set a $51.00 target price on shares of RSP Permian and gave the stock a “buy” rating in a research report on Tuesday, April 25th. Scotiabank set a $43.00 target price on shares of RSP Permian and gave the stock a “buy” rating in a research report on Saturday, July 1st. BMO Capital Markets reiterated a “buy” rating and issued a $38.00 target price on shares of RSP Permian in a research report on Tuesday. Finally, Zacks Investment Research lowered shares of RSP Permian from a “buy” rating to a “hold” rating in a research report on Saturday, April 22nd. Three analysts have rated the stock with a sell rating, one has given a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company. RSP Permian currently has a consensus rating of “Buy” and a consensus price target of $46.58.

Shares of RSP Permian (NYSE:RSPP) traded up 0.34% during midday trading on Wednesday, hitting $32.37. The company’s stock had a trading volume of 1,007,188 shares. RSP Permian has a 52-week low of $29.67 and a 52-week high of $46.92. The firm has a market cap of $5.13 billion, a P/E ratio of 59.72 and a beta of 2.13. The stock’s 50 day moving average is $32.71 and its 200-day moving average is $37.62.

RSP Permian (NYSE:RSPP) last released its quarterly earnings results on Monday, August 7th. The oil and natural gas company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. The firm had revenue of $183.10 million for the quarter, compared to analysts’ expectations of $185.01 million. RSP Permian had a net margin of 12.71% and a return on equity of 1.86%. The business’s quarterly revenue was up 124.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. Equities analysts predict that RSP Permian will post $0.72 EPS for the current fiscal year.

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In related news, major shareholder Richard A. Kayne sold 17,250,000 shares of the stock in a transaction dated Wednesday, May 24th. The shares were 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 Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ted Collins, Jr. sold 21,000 shares of the stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $32.21, for a total transaction of $676,410.00. Following the completion of the transaction, the director now directly owns 8,220,851 shares of the company’s stock, valued at $264,793,610.71. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,355,000 shares of company stock valued at $672,431,130. 15.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the company. BP Capital Fund Advisors LLC increased its position in RSP Permian by 11.6% in the second quarter. BP Capital Fund Advisors LLC now owns 162,940 shares of the oil and natural gas company’s stock worth $5,258,000 after buying an additional 16,899 shares during the last quarter. FMR LLC increased its position in RSP Permian by 5.9% in the second quarter. FMR LLC now owns 5,423,687 shares of the oil and natural gas company’s stock worth $175,023,000 after buying an additional 300,249 shares during the last quarter. Vanguard Group Inc. increased its position in RSP Permian by 11.8% in the second quarter. Vanguard Group Inc. now owns 9,963,201 shares of the oil and natural gas company’s stock worth $321,513,000 after buying an additional 1,054,281 shares during the last quarter. Gluskin Sheff & Assoc Inc. bought a new position in RSP Permian during the second quarter worth about $210,000. Finally, GSA Capital Partners LLP bought a new position in RSP Permian during the second quarter worth about $225,000. 77.43% of the stock is owned by institutional investors.

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.