Morgan Stanley Lowers RPC (NYSE:RES) Price Target to $10.00

RPC (NYSE:RES) had its price target reduced by Morgan Stanley from $15.00 to $10.00 in a research note published on Friday, BenzingaRatingsTable reports. They currently have an overweight rating on the oil and gas company’s stock.

A number of other research analysts have also issued reports on the stock. Susquehanna Bancshares set a $70.00 price target on shares of Helmerich & Payne and gave the stock a buy rating in a research note on Tuesday, April 2nd. Citigroup reissued a buy rating and set a $25.00 price objective on shares of Propetro in a report on Tuesday, July 2nd. AltaCorp Capital reissued a sector perform rating on shares of STEP Energy Services in a report on Thursday, June 20th. Bank of America raised shares of Air Products & Chemicals from an underperform rating to a neutral rating and boosted their price objective for the stock from $170.00 to $215.00 in a report on Thursday, April 25th. Finally, ValuEngine downgraded shares of Verso from a hold rating to a sell rating in a report on Thursday, May 23rd. Nine investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company. RPC has a consensus rating of Hold and an average price target of $12.28.

NYSE RES opened at $6.38 on Friday. RPC has a one year low of $6.28 and a one year high of $17.24. The company has a current ratio of 3.53, a quick ratio of 2.77 and a debt-to-equity ratio of 0.04. The company has a fifty day simple moving average of $7.14. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of 7.78, a PEG ratio of 6.34 and a beta of 1.06.



RPC (NYSE:RES) last issued its quarterly earnings results on Wednesday, April 24th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). RPC had a return on equity of 11.99% and a net margin of 7.57%. The firm had revenue of $334.70 million for the quarter, compared to analyst estimates of $351.95 million. During the same quarter last year, the firm earned $0.24 earnings per share. The company’s revenue was down 23.3% compared to the same quarter last year. Research analysts anticipate that RPC will post 0.18 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in RES. Marshall Wace North America L.P. purchased a new stake in shares of RPC in the first quarter valued at about $25,000. Amalgamated Bank acquired a new position in shares of RPC in the fourth quarter valued at approximately $114,000. LPL Financial LLC raised its position in shares of RPC by 26.6% in the fourth quarter. LPL Financial LLC now owns 12,756 shares of the oil and gas company’s stock valued at $126,000 after buying an additional 2,680 shares during the last quarter. Great West Life Assurance Co. Can raised its position in shares of RPC by 85.8% in the fourth quarter. Great West Life Assurance Co. Can now owns 13,984 shares of the oil and gas company’s stock valued at $129,000 after buying an additional 6,459 shares during the last quarter. Finally, Raymond James & Associates raised its position in shares of RPC by 31.0% in the fourth quarter. Raymond James & Associates now owns 13,130 shares of the oil and gas company’s stock valued at $130,000 after buying an additional 3,110 shares during the last quarter. 31.94% of the stock is currently owned by institutional investors.

About RPC

RPC, Inc, through its subsidiaries, provides a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties. The company operates through Technical Services and Support Services segments. The Technical Services offers pressure pumping, fracturing, acidizing, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline, pump down, and fishing services that are used in the completion, production, and maintenance of oil and gas wells.

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Analyst Recommendations for RPC (NYSE:RES)

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