RigNet Inc (RNET) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of RigNet Inc (NASDAQ:RNET) from a buy rating to a hold rating in a research report released on Wednesday morning.

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. “

Separately, Jefferies Group LLC reiterated a buy rating and issued a $22.00 price target (up previously from $17.00) on shares of RigNet in a research note on Saturday, March 11th.

Shares of RigNet (NASDAQ:RNET) opened at 20.65 on Wednesday. RigNet has a 52-week low of $10.86 and a 52-week high of $23.90. The company’s market capitalization is $371.35 million. The firm’s 50-day moving average price is $18.78 and its 200 day moving average price is $17.77.

RigNet (NASDAQ:RNET) last announced its quarterly earnings results on Monday, March 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.09) by $0.12. The company earned $52.76 million during the quarter, compared to analysts’ expectations of $48.21 million. RigNet had a negative return on equity of 6.14% and a negative net margin of 8.44%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 EPS. On average, equities analysts forecast that RigNet will post ($0.11) earnings per share for the current year.

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Several hedge funds have recently made changes to their positions in the stock. Strs Ohio acquired a new stake in shares of RigNet during the third quarter valued at about $146,000. A.R.T. Advisors LLC acquired a new stake in shares of RigNet during the fourth quarter valued at about $230,000. Metropolitan Life Insurance Co. NY acquired a new stake in shares of RigNet during the fourth quarter valued at about $246,000. Cigna Investments Inc. New acquired a new stake in shares of RigNet during the fourth quarter valued at about $312,000. Finally, Spark Investment Management LLC acquired a new stake in shares of RigNet during the third quarter valued at about $216,000. Hedge funds and other institutional investors own 95.63% 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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