Credit Suisse Group cut shares of RPC, Inc. (NYSE:RES) from an outperform rating to a neutral rating in a research report sent to investors on Friday morning. The analysts noted that the move was a valuation call.
A number of other analysts also recently issued reports on the stock. Deutsche Bank AG assumed coverage on shares of RPC in a report on Tuesday. They set a hold rating and a $25.00 price objective for the company. Cowen and Company set a $24.00 price objective on shares of RPC and gave the stock a hold rating in a report on Friday, October 6th. Citigroup Inc. lifted their price objective on shares of RPC from $23.00 to $25.00 and gave the stock a neutral rating in a report on Thursday, October 5th. Jefferies Group LLC downgraded shares of RPC from a buy rating to a hold rating and set a $26.00 price objective for the company. in a report on Thursday, October 5th. Finally, Barclays PLC assumed coverage on shares of RPC in a report on Tuesday, September 5th. They set an equal weight rating and a $19.00 price objective for the company. Fourteen analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $23.36.
Shares of RPC (RES) remained flat at $22.77 on Friday. The company’s stock had a trading volume of 1,381,842 shares. RPC has a 52 week low of $16.48 and a 52 week high of $25.00. The company’s market capitalization is $4.95 billion. The company has a 50 day moving average price of $22.25 and a 200-day moving average price of $20.10.
RPC (NYSE:RES) last announced its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.06. RPC had a negative net margin of 1.15% and a negative return on equity of 1.74%. The firm had revenue of $399.00 million during the quarter, compared to the consensus estimate of $415.65 million. During the same period last year, the firm earned ($0.23) EPS. The business’s quarterly revenue was up 179.0% compared to the same quarter last year. Analysts forecast that RPC will post $0.82 EPS for the current fiscal year.
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Several hedge funds and other institutional investors have recently made changes to their positions in RES. The Manufacturers Life Insurance Company increased its position in shares of RPC by 7.6% during the second quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock valued at $132,000 after buying an additional 459 shares during the period. Pacer Advisors Inc. increased its position in shares of RPC by 22.0% during the first quarter. Pacer Advisors Inc. now owns 10,144 shares of the oil and gas company’s stock valued at $186,000 after buying an additional 1,830 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of RPC by 40.9% during the first quarter. BNP Paribas Arbitrage SA now owns 10,503 shares of the oil and gas company’s stock valued at $192,000 after buying an additional 3,048 shares during the period. Bbva Compass Bancshares Inc. purchased a new position in shares of RPC during the second quarter valued at about $219,000. Finally, Amalgamated Bank purchased a new position in shares of RPC during the second quarter valued at about $223,000. Institutional investors own 38.17% of the company’s stock.
RPC Company Profile
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
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