RSP Permian, Inc. (RSPP) PT Lowered to $37.00

RSP Permian, Inc. (NYSE:RSPP) had its price target reduced by equities research analysts at Piper Jaffray Companies from $49.00 to $37.00 in a research note issued on Monday. The brokerage presently has an “overweight” rating on the oil and natural gas company’s stock. Piper Jaffray Companies’ target price suggests a potential upside of 15.59% from the company’s previous close.

Several other equities analysts have also commented on the company. Royal Bank of Canada reiterated a “buy” rating and set a $44.00 price objective on shares of RSP Permian in a research report on Thursday, July 20th. Zacks Investment Research lowered RSP Permian from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Credit Suisse Group started coverage on RSP Permian in a research report on Thursday, June 1st. They set an “outperform” rating and a $59.00 price objective on the stock. Bank of America Corporation started coverage on RSP Permian in a research report on Wednesday, July 19th. They set a “buy” rating and a $45.00 price objective on the stock. Finally, Northland Securities set a $52.00 price objective on RSP Permian and gave the company a “buy” rating in a research report on Monday, August 21st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, twenty-eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. RSP Permian has a consensus rating of “Buy” and a consensus target price of $47.29.

Shares of RSP Permian (NYSE:RSPP) opened at 32.01 on Monday. The stock’s 50 day moving average price is $31.13 and its 200-day moving average price is $35.42. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of 59.06 and a beta of 2.15. RSP Permian has a 52 week low of $28.76 and a 52 week high of $46.92.

RSP Permian (NYSE:RSPP) last announced its earnings results on Monday, August 7th. The oil and natural gas company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The business had revenue of $183.10 million for the quarter, compared to analyst estimates of $185.01 million. RSP Permian had a return on equity of 1.86% and a net margin of 12.71%. The company’s quarterly revenue was up 124.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.04) EPS. Equities analysts predict that RSP Permian will post $0.73 earnings per share for the current year.

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In other news, COO Zane W. Arrott sold 47,113 shares of the stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $31.29, for a total value of $1,474,165.77. Following the completion of the transaction, the chief operating officer now owns 86,614 shares of the company’s stock, valued at approximately $2,710,152.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven D. Gray bought 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The stock was purchased at an average cost of $29.99 per share, with a total value of $299,900.00. Following the transaction, the chief executive officer now directly owns 311,688 shares in the company, valued at approximately $9,347,523.12. The disclosure for this purchase can be found here. In the last quarter, insiders sold 248,560 shares of company stock valued at $7,898,543. Company insiders own 15.00% of the company’s stock.

Several large investors have recently made changes to their positions in the company. 1st Global Advisors Inc. raised its position in shares of RSP Permian by 1.9% in the 1st quarter. 1st Global Advisors Inc. now owns 6,594 shares of the oil and natural gas company’s stock worth $273,000 after acquiring an additional 121 shares in the last quarter. Teacher Retirement System of Texas raised its position in shares of RSP Permian by 4.3% in the 1st quarter. Teacher Retirement System of Texas now owns 8,091 shares of the oil and natural gas company’s stock worth $335,000 after acquiring an additional 331 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of RSP Permian by 1.1% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 41,236 shares of the oil and natural gas company’s stock worth $1,708,000 after acquiring an additional 450 shares in the last quarter. Mutual of America Capital Management LLC raised its position in shares of RSP Permian by 0.9% in the 2nd quarter. Mutual of America Capital Management LLC now owns 59,028 shares of the oil and natural gas company’s stock worth $1,905,000 after acquiring an additional 498 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of RSP Permian by 2.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 27,795 shares of the oil and natural gas company’s stock worth $1,151,000 after acquiring an additional 688 shares in the last quarter. 86.57% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for RSP Permian (NYSE:RSPP)

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