RPC (NYSE:RES) was downgraded by analysts at B. Riley to a “hold” rating in a research report issued on Thursday. They currently have a $27.00 target price on the oil and gas company’s stock. B. Riley’s target price would suggest a potential upside of 6.13% from the company’s previous close.
RES has been the subject of several other research reports. Citigroup lowered shares of RPC from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, October 26th. They noted that the move was a valuation call. Credit Suisse Group lowered shares of RPC from an “outperform” rating to a “neutral” rating in a research note on Friday, October 13th. They noted that the move was a valuation call. Barclays initiated coverage on shares of RPC in a research note on Tuesday, September 5th. They issued an “equal weight” rating and a $19.00 price objective for the company. Morgan Stanley lowered shares of RPC from an “equal weight” rating to an “underweight” rating and set a $25.00 price objective for the company. in a research note on Tuesday, November 14th. They noted that the move was a valuation call. Finally, Deutsche Bank initiated coverage on shares of RPC in a research note on Tuesday, October 10th. They issued a “hold” rating and a $25.00 price objective for the company. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $24.66.
RPC (NYSE:RES) traded down $0.73 during trading on Thursday, hitting $25.44. 693,600 shares of the stock traded hands, compared to its average volume of 1,663,642. RPC has a fifty-two week low of $16.63 and a fifty-two week high of $27.07. The stock has a market cap of $5,668.05, a PE ratio of 66.95, a P/E/G ratio of 1.79 and a beta of 1.14.
In other news, Director Amy Rollins Kreisler bought 5,000 shares of the business’s stock in a transaction on Friday, October 27th. The stock was purchased at an average price of $23.21 per share, with a total value of $116,050.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at $116,050. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 73.50% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. California Public Employees Retirement System lifted its position in RPC by 1.1% during the 3rd quarter. California Public Employees Retirement System now owns 243,549 shares of the oil and gas company’s stock worth $6,038,000 after acquiring an additional 2,549 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of RPC during the third quarter valued at about $290,000. Zions Bancorporation acquired a new position in shares of RPC during the third quarter valued at about $137,000. Jane Street Group LLC acquired a new position in shares of RPC during the third quarter valued at about $308,000. Finally, Alyeska Investment Group L.P. acquired a new position in shares of RPC during the third quarter valued at about $47,921,000. 38.07% of the stock is owned by hedge funds and other institutional investors.
About RPC
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.
