RPC (NYSE:RES) Shares Down 0.2% on Analyst Downgrade

RPC, Inc. (NYSE:RES)’s stock price fell 0.2% on Thursday after Citigroup lowered their price target on the stock from $5.00 to $4.80. Citigroup currently has a sell rating on the stock. RPC traded as low as $4.65 and last traded at $4.66, 31,039 shares traded hands during mid-day trading. A decline of 99% from the average session volume of 2,403,672 shares. The stock had previously closed at $4.67.

Several other equities analysts have also recently weighed in on RES. Morgan Stanley cut their price objective on RPC from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Monday, October 7th. Barclays cut their price objective on RPC from $5.50 to $5.00 and set an “underweight” rating for the company in a research report on Monday, September 30th. Wells Fargo & Co cut their price objective on RPC from $5.50 to $4.50 and set an “underperform” rating for the company in a research report on Thursday, September 12th. AltaCorp Capital reissued an “underperform” rating on shares of RPC in a research report on Thursday, June 20th. Finally, ValuEngine raised RPC from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Eight equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $10.06.

A number of institutional investors and hedge funds have recently modified their holdings of RES. BlackRock Inc. increased its stake in RPC by 47.8% during the second quarter. BlackRock Inc. now owns 4,022,457 shares of the oil and gas company’s stock valued at $29,002,000 after acquiring an additional 1,301,583 shares during the period. AQR Capital Management LLC increased its stake in RPC by 37.6% during the second quarter. AQR Capital Management LLC now owns 4,318,990 shares of the oil and gas company’s stock valued at $30,881,000 after acquiring an additional 1,180,636 shares during the period. Canada Pension Plan Investment Board increased its stake in RPC by 1,766.8% during the second quarter. Canada Pension Plan Investment Board now owns 1,210,368 shares of the oil and gas company’s stock valued at $8,727,000 after acquiring an additional 1,145,532 shares during the period. Van ECK Associates Corp increased its stake in RPC by 53.3% during the second quarter. Van ECK Associates Corp now owns 2,256,464 shares of the oil and gas company’s stock valued at $16,269,000 after acquiring an additional 784,479 shares during the period. Finally, Victory Capital Management Inc. increased its stake in RPC by 60.6% during the second quarter. Victory Capital Management Inc. now owns 1,957,901 shares of the oil and gas company’s stock valued at $14,116,000 after acquiring an additional 738,922 shares during the period. Hedge funds and other institutional investors own 33.78% of the company’s stock.



The stock has a market capitalization of $1.11 billion, a P/E ratio of 6.04, a price-to-earnings-growth ratio of 348.53 and a beta of 1.09. The firm has a 50 day moving average of $5.41 and a 200-day moving average of $7.67. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.13 and a quick ratio of 2.45.

RPC (NYSE:RES) last released its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01). RPC had a net margin of 4.55% and a return on equity of 6.37%. The company had revenue of $358.50 million during the quarter, compared to the consensus estimate of $362.40 million. During the same quarter in the prior year, the company posted $0.28 earnings per share. The company’s revenue for the quarter was down 23.4% on a year-over-year basis. As a group, equities analysts expect that RPC, Inc. will post -0.01 earnings per share for the current year.

About RPC (NYSE:RES)

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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