Piper Jaffray Analyst Asummes Coverage on RSP Permian Inc (RSPP), Issues Overweight Rating
Piper Jaffray analyst, Kashy Harrison, assumes coverage on RSP Permian Inc (NYSE:RSPP) and believes that the company is poised for a solid operational quarter.
The analyst explains that with the completion of the majority of RSPP’s wells at the tail end of 1Q16, the company is set up for smooth operations in the quarter to come. The analyst also adds, “Additionally, with 20 Hz DUCs in inventory and the intention of adding a 3rd rig in early 3Q, we believe the company is well poised to accelerate activity into ’17 assuming the forward strip comes to fruition.”
The analyst believes the stock offers a 10% upside potential at current price estimates, and sees room for further upside bias following proposed density pilots.
Harrison issues a price target of $40.00 for RSPP.
Kashy Harrison is ranked #2,535 of 4,055 analysts on TipRanks. Harrison maintains a 67% success rate and an average return of 1.2%