RPC, Inc. (RES) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of RPC, Inc. (NYSE:RES) from a hold rating to a buy rating in a research note issued to investors on Tuesday. They currently have $26.00 price objective on the oil and gas company’s stock.
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 analysts have also weighed in on RES. Morgan Stanley reduced their target price on RPC from $24.00 to $23.00 and set an equal weight rating on the stock in a research note on Wednesday, June 21st. Jefferies Group LLC set a $26.00 target price on RPC and gave the stock a buy rating in a research note on Monday, August 28th. Cowen and Company increased their target price on RPC from $20.00 to $24.00 and gave the stock a market perform rating in a research note on Thursday, July 27th. Barclays PLC initiated coverage on RPC in a research note on Tuesday, September 5th. They issued an equal weight rating and a $19.00 target price on the stock. Finally, Seaport Global Securities lowered RPC from a buy rating to a neutral rating and reduced their target price for the stock from $25.00 to $20.00 in a research note on Wednesday, June 21st. Thirteen investment analysts have rated the stock with 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 $23.50.
Shares of RPC (RES) traded up 1.96% during midday trading on Tuesday, reaching $22.85. 1,674,059 shares of the company’s stock traded hands. RPC has a one year low of $16.48 and a one year high of $25.00. The firm’s market capitalization is $4.97 billion. The stock’s 50-day moving average price is $22.69 and its 200 day moving average price is $20.24.
RPC (NYSE:RES) last issued its quarterly 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. The company had revenue of $399.00 million during the quarter, compared to the consensus estimate of $415.65 million. RPC had a negative return on equity of 1.74% and a negative net margin of 1.15%. RPC’s revenue was up 179.0% on a year-over-year basis. During the same period last year, the company earned ($0.23) earnings per share. On average, equities research analysts expect that RPC will post $0.82 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its holdings in shares of RPC by 7.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock valued at $132,000 after buying an additional 459 shares during the period. Bbva Compass Bancshares Inc. purchased a new position in RPC during the second quarter worth $219,000. Amalgamated Bank purchased a new position in RPC during the second quarter worth $223,000. Pacer Advisors Inc. increased its position in RPC by 12.0% during the second quarter. Pacer Advisors Inc. now owns 11,360 shares of the oil and gas company’s stock worth $230,000 after buying an additional 1,216 shares in the last quarter. Finally, Shapiro Capital Management LLC purchased a new position in RPC during the second quarter worth $253,000. 38.21% of the stock is owned by institutional investors.
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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