RPC Inc. (RES) Cut to “Sell” at Zacks Investment Research
RPC Inc. (NYSE:RES) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “RPC, Inc. provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties. It operates its business through two business segments- Technical Services and Support Services. Services and products offered by the Company include Cudd Pumping, Coiled Tubing, Snubbing, Nitrogen Units, Thru Tubing Solutions, Wireline, Fluid Pumps, Well Control, Production Rental Tools, Patterson Rental Tools, Patterson Tubular Services and Well Control School. The Company’s products and services can be found throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. RPC, Inc. is headquartered in Atlanta, Georgia. “
A number of other brokerages have also issued reports on RES. Citigroup Inc. increased their price target on RPC from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, October 11th. Seaport Global Securities raised RPC from a “reduce” rating to a “neutral” rating and raised their price objective for the stock from $14.00 to $17.00 in a research note on Tuesday, October 4th. Nomura set a $14.00 price objective on RPC and gave the stock a “hold” rating in a research note on Tuesday, August 16th. Finally, GMP Securities raised RPC from a “reduce” rating to a “hold” rating in a research note on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $14.87.
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Shares of RPC (NYSE:RES) opened at 18.64 on Wednesday. RPC has a 52-week low of $9.73 and a 52-week high of $18.88. The stock’s market cap is $4.06 billion. The firm has a 50-day moving average price of $16.22 and a 200 day moving average price of $15.17.
RPC (NYSE:RES) last issued its quarterly earnings results on Wednesday, July 27th. The company reported ($0.23) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.23). The firm earned $143 million during the quarter, compared to analyst estimates of $149.41 million. RPC had a negative return on equity of 16.53% and a negative net margin of 17.29%. The firm’s quarterly revenue was down 51.9% on a year-over-year basis. During the same period last year, the company posted ($0.16) EPS. Analysts expect that RPC will post ($0.77) earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in RES. Moody Aldrich Partners LLC raised its position in shares of RPC by 45.0% in the third quarter. Moody Aldrich Partners LLC now owns 93,715 shares of the company’s stock worth $1,574,000 after buying an additional 29,085 shares during the last quarter. Viking Fund Management LLC raised its position in shares of RPC by 42.2% in the third quarter. Viking Fund Management LLC now owns 1,280,000 shares of the company’s stock worth $21,504,000 after buying an additional 380,000 shares during the last quarter. Eagle Boston Investment Management Inc. acquired a new position in shares of RPC during the third quarter worth about $4,370,000. Creative Planning raised its position in shares of RPC by 894.2% in the third quarter. Creative Planning now owns 27,121 shares of the company’s stock worth $456,000 after buying an additional 24,393 shares during the last quarter. Finally, First Mercantile Trust Co. acquired a new position in shares of RPC during the third quarter worth about $366,000. Hedge funds and other institutional investors own 34.94% 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 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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