RPC, Inc. (NYSE:RES) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 28,730,200 shares, a growth of 51.2% from the July 31st total of 18,997,000 shares. Based on an average trading volume of 2,740,000 shares, the days-to-cover ratio is currently 10.5 days. Currently, 50.1% of the shares of the stock are short sold.
Several institutional investors have recently modified their holdings of RES. BlackRock Inc. boosted its position in shares of RPC by 47.8% in the second quarter. BlackRock Inc. now owns 4,022,457 shares of the oil and gas company’s stock worth $29,002,000 after buying an additional 1,301,583 shares during the period. AQR Capital Management LLC boosted its position 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 purchasing an additional 1,180,636 shares during the last quarter. Canada Pension Plan Investment Board boosted its position 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 purchasing an additional 1,145,532 shares during the last quarter. Van ECK Associates Corp boosted its position 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 purchasing an additional 784,479 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position 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 purchasing an additional 738,922 shares during the last quarter. 33.79% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on RES. Wells Fargo & Co decreased their target price on RPC from $5.50 to $4.50 and set an “underperform” rating on the stock in a report on Thursday. Morgan Stanley decreased their target price on RPC from $15.00 to $10.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. ValuEngine upgraded RPC from a “strong sell” rating to a “sell” rating in a report on Thursday, August 1st. Citigroup set a $6.00 target price on RPC and gave the stock a “sell” rating in a report on Tuesday, July 2nd. Finally, Barclays restated a “sell” rating and issued a $5.50 target price on shares of RPC in a report on Sunday, July 28th. Nine equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $10.42.
Shares of RPC stock traded up $0.07 during midday trading on Friday, hitting $5.66. The company’s stock had a trading volume of 1,244,056 shares, compared to its average volume of 2,158,602. The firm has a market capitalization of $1.22 billion, a P/E ratio of 6.90, a PEG ratio of 95.88 and a beta of 1.08. The stock has a 50-day simple moving average of $5.67 and a 200-day simple moving average of $8.36. The company has a quick ratio of 2.45, a current ratio of 3.13 and a debt-to-equity ratio of 0.03. RPC has a 1-year low of $4.88 and a 1-year high of $17.24.
RPC (NYSE:RES) last issued its earnings results on Wednesday, July 24th. The oil and gas company reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.01). The business had revenue of $358.50 million during the quarter, compared to analyst estimates of $362.40 million. RPC had a return on equity of 6.37% and a net margin of 4.55%. The business’s quarterly revenue was down 23.4% on a year-over-year basis. During the same period last year, the business earned $0.28 EPS.
RPC Company Profile
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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