RPC Inc. (RES) Trading 0.2% Higher After Analyst Upgrade
RPC Inc. (NYSE:RES) shot up 0.2% during trading on Tuesday after Citigroup raised their price target on the stock from $16.00 to $19.00. Citigroup currently has a neutral rating on the stock. RPC traded as high as $18.33 and last traded at $18.20, with a volume of 860,211 shares trading hands. The stock had previously closed at $18.17.
Several other brokerages have also commented on RES. Seaport Global Securities upgraded RPC from a “reduce” rating to a “neutral” rating and upped their target price for the company from $14.00 to $17.00 in a research report on Tuesday, October 4th. Nomura set a $14.00 target price on RPC and gave the company a “hold” rating in a research report on Tuesday, August 16th. Finally, GMP Securities upgraded RPC from a “reduce” rating to a “hold” rating in a research report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. RPC presently has an average rating of “Hold” and a consensus price target of $14.87.
Hedge funds have recently modified their holdings of the stock. Viking Fund Management LLC acquired a new stake in shares of RPC during the second quarter worth approximately $13,977,000. Acadian Asset Management LLC increased its stake in shares of RPC by 6,097.8% in the second quarter. Acadian Asset Management LLC now owns 30,555 shares of the company’s stock worth $475,000 after buying an additional 30,062 shares during the last quarter. Independent Portfolio Consultants Inc. increased its stake in shares of RPC by 9.0% in the second quarter. Independent Portfolio Consultants Inc. now owns 12,220 shares of the company’s stock worth $190,000 after buying an additional 1,005 shares during the last quarter. Springbok Capital Management LLC acquired a new stake in shares of RPC during the first quarter worth approximately $1,361,000. Finally, Anchor Bolt Capital LP acquired a new stake in shares of RPC during the first quarter worth approximately $7,303,000. 34.92% of the stock is owned by institutional investors.
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The company’s 50 day moving average price is $15.79 and its 200 day moving average price is $15.01. The firm’s market capitalization is $3.92 billion.
RPC (NYSE:RES) last posted its quarterly earnings data on Wednesday, July 27th. The company reported ($0.23) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.23). The business had revenue of $143 million for the quarter, compared to analysts’ expectations of $149.41 million. RPC had a negative return on equity of 16.53% and a negative net margin of 17.29%. The business’s revenue was down 51.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.16) EPS. On average, analysts anticipate that RPC Inc. will post ($0.77) EPS for the current fiscal year.
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 to oil and gas companies engaged in the exploration, production and development of oil and gas properties across 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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