Jefferies Group LLC Lowers RPC, Inc. (RES) to Hold
RPC, Inc. (NYSE:RES) was downgraded by analysts at Jefferies Group LLC from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. They presently have a $26.00 target price on the oil and gas company’s stock. Jefferies Group LLC’s price target points to a potential upside of 8.42% from the stock’s current price.
Other equities research analysts also recently issued research reports about the stock. Barclays PLC started coverage on shares of RPC in a research report on Tuesday, September 5th. They issued an “equal weight” rating and a $19.00 target price for the company. Morgan Stanley cut their target price on shares of RPC from $24.00 to $23.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 21st. Zacks Investment Research downgraded shares of RPC from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Cowen and Company reiterated a “hold” rating and issued a $24.00 target price on shares of RPC in a research report on Friday, September 1st. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of RPC in a research report on Wednesday, July 26th. Twelve investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $23.26.
Shares of RPC (RES) traded down 0.42% during mid-day trading on Thursday, reaching $23.98. 1,435,213 shares of the company were exchanged. The firm’s 50-day moving average is $21.49 and its 200-day moving average is $19.87. RPC has a 12 month low of $16.48 and a 12 month high of $25.00. The company’s market capitalization is $5.21 billion.
RPC (NYSE:RES) last released its earnings results on Wednesday, July 26th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $399.00 million during the quarter, compared to the consensus estimate of $415.65 million. During the same quarter in the prior year, the firm earned ($0.23) EPS. The company’s revenue was up 179.0% compared to the same quarter last year. On average, equities analysts forecast that RPC will post $0.83 earnings per share for the current fiscal year.
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A number of large investors have recently bought and sold shares of RES. Alliancebernstein L.P. grew its stake in RPC by 58.4% in the 2nd quarter. Alliancebernstein L.P. now owns 9,040,717 shares of the oil and gas company’s stock valued at $182,713,000 after buying an additional 3,333,619 shares during the last quarter. MARSHALL WACE ASIA Ltd acquired a new position in RPC in the 1st quarter valued at $28,788,000. Marshall Wace North America L.P. acquired a new position in RPC in the 1st quarter valued at $28,788,000. Vanguard Group Inc. grew its stake in RPC by 20.4% in the 2nd quarter. Vanguard Group Inc. now owns 6,076,306 shares of the oil and gas company’s stock valued at $122,802,000 after buying an additional 1,028,001 shares during the last quarter. Finally, Investec Asset Management LTD grew its stake in RPC by 52.7% in the 2nd quarter. Investec Asset Management LTD now owns 1,205,839 shares of the oil and gas company’s stock valued at $24,370,000 after buying an additional 416,157 shares during the last quarter. Institutional investors and hedge funds own 38.17% of the company’s stock.
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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