RPC Inc. (RES) Trading 0.2% Higher After Analyst Upgrade
RPC Inc. (NYSE:RES)’s share price traded up 0.2% during mid-day trading on Tuesday after Citigroup raised their price target on the stock from $16.00 to $19.00. Citigroup currently has a neutral rating on the stock. RPC traded as high as $18.33 and last traded at $18.20, with a volume of 860,211 shares changing hands. The stock had previously closed at $18.17.
Several other equities analysts have also recently issued reports on the company. Seaport Global Securities reiterated a “reduce” rating on shares of RPC in a report on Wednesday, September 28th. Nomura restated a “hold” rating and set a $14.00 target price on shares of RPC in a report on Thursday, September 22nd. Finally, GMP Securities upgraded RPC from a “reduce” rating to a “hold” rating in a report on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. RPC has a consensus rating of “Hold” and a consensus target price of $14.87.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA raised its position in RPC by 27.5% in the third quarter. BNP Paribas Arbitrage SA now owns 6,118 shares of the company’s stock valued at $103,000 after buying an additional 1,319 shares during the period. Pacer Advisors Inc. bought a new position in RPC during the second quarter valued at $107,000. Glenmede Trust Co. NA raised its position in RPC by 1.2% in the second quarter. Glenmede Trust Co. NA now owns 9,106 shares of the company’s stock valued at $141,000 after buying an additional 106 shares during the period. Teacher Retirement System of Texas raised its position in RPC by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 9,093 shares of the company’s stock valued at $141,000 after buying an additional 1,103 shares during the period. Finally, Raymond James & Associates bought a new position in RPC during the second quarter valued at $155,000. 34.92% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a 50-day moving average of $15.79 and a 200-day moving average of $15.01. The company’s market cap is $3.92 billion.
RPC (NYSE:RES) last released its quarterly earnings results on Wednesday, July 27th. The company reported ($0.23) EPS for the quarter, meeting analysts’ consensus estimates of ($0.23). RPC had a negative return on equity of 16.53% and a negative net margin of 17.29%. The firm had revenue of $143 million for the quarter, compared to analyst estimates of $149.41 million. During the same quarter in the previous year, the company posted ($0.16) EPS. The business’s revenue was down 51.9% on a year-over-year basis. On average, equities research analysts forecast that RPC Inc. will post ($0.77) earnings per share for the current fiscal year.
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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