RPC, Inc. (RES) Cut to Neutral at Credit Suisse Group

RPC, Inc. (NYSE:RES) was downgraded by investment analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a research report issued on Friday. The analysts noted that the move was a valuation call.

Other research analysts have also issued research reports about the stock. Jefferies Group LLC set a $26.00 price objective on shares of RPC and gave the company a “buy” rating in a research report on Monday, August 28th. Morgan Stanley dropped their price target 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. 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 price target for the company. Cowen and Company reissued a “hold” rating and issued a $24.00 price target on shares of RPC in a research report on Friday, September 1st. Finally, Zacks Investment Research lowered shares of RPC from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Fourteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $23.36.

Shares of RPC (RES) traded up 1.05% during mid-day trading on Friday, hitting $23.01. The stock had a trading volume of 159,481 shares. The company’s market cap is $5.00 billion. RPC has a one year low of $16.48 and a one year high of $25.00. The firm’s 50 day moving average price is $22.13 and its 200-day moving average price is $20.06.

RPC (NYSE:RES) last announced its quarterly earnings data on Wednesday, July 26th. The oil and gas company reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.06. The business had revenue of $399.00 million during the quarter, compared to analyst estimates of $415.65 million. RPC had a negative net margin of 1.15% and a negative return on equity of 1.74%. The firm’s revenue for the quarter was up 179.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.23) earnings per share. On average, equities research analysts anticipate that RPC will post $0.82 earnings per share for the current fiscal year.

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A number of institutional investors have recently modified their holdings of RES. The Manufacturers Life Insurance Company grew its stake in RPC by 7.6% during the second quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock worth $132,000 after buying an additional 459 shares during the last quarter. Pacer Advisors Inc. grew its stake in RPC by 22.0% during the first quarter. Pacer Advisors Inc. now owns 10,144 shares of the oil and gas company’s stock worth $186,000 after buying an additional 1,830 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in RPC by 40.9% during the first quarter. BNP Paribas Arbitrage SA now owns 10,503 shares of the oil and gas company’s stock worth $192,000 after buying an additional 3,048 shares during the last quarter. Bbva Compass Bancshares Inc. bought a new stake in RPC during the second quarter worth about $219,000. Finally, Amalgamated Bank bought a new stake in RPC during the second quarter worth about $223,000. 38.17% of the stock is currently 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.

Analyst Recommendations for RPC (NYSE:RES)

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