RPC, Inc. (NYSE:RES) was downgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued to investors on Tuesday, Marketbeat reports. They currently have a $25.00 price objective on the oil and gas company’s stock. Morgan Stanley’s target price points to a potential upside of 3.52% from the stock’s current price. The analysts noted that the move was a valuation call.
Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research raised RPC from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Tuesday, October 17th. Cowen and Company set a $24.00 target price on RPC and gave the stock a “hold” rating in a research note on Friday, October 6th. Jefferies Group LLC set a $25.00 target price on RPC and gave the stock a “hold” rating in a research note on Thursday, October 26th. Seaport Global Securities reissued a “neutral” rating on shares of RPC in a research note on Wednesday, July 26th. Finally, Raymond James Financial, Inc. cut RPC from a “strong-buy” rating to an “outperform” rating in a research note on Thursday, October 26th. Thirteen analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $24.23.
Shares of RPC (NYSE:RES) traded down $0.61 during trading on Tuesday, reaching $24.15. The company had a trading volume of 1,214,200 shares, compared to its average volume of 1,788,361. RPC has a 52-week low of $16.63 and a 52-week high of $26.45. The stock has a market capitalization of $5,362.66, a P/E ratio of 63.49, a price-to-earnings-growth ratio of 1.70 and a beta of 1.16.
RPC (NYSE:RES) last announced its quarterly earnings data on Wednesday, October 25th. The oil and gas company reported $0.26 EPS for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.03). RPC had a return on equity of 10.31% and a net margin of 6.03%. The company had revenue of $471.00 million for the quarter, compared to analysts’ expectations of $474.41 million. During the same quarter in the previous year, the business posted ($0.18) EPS. The business’s quarterly revenue was up 167.8% compared to the same quarter last year. research analysts forecast that RPC will post 0.81 EPS for the current fiscal year.
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In related news, Director Amy Rollins Kreisler bought 5,000 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was purchased at an average cost of $23.21 per share, with a total value of $116,050.00. Following the purchase, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $116,050. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 73.50% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RES. Alliancebernstein L.P. grew its stake in RPC by 58.4% during the 2nd quarter. Alliancebernstein L.P. now owns 9,040,717 shares of the oil and gas company’s stock worth $182,713,000 after purchasing an additional 3,333,619 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in RPC during the 3rd quarter worth $47,921,000. Victory Capital Management Inc. grew its stake in RPC by 244.9% during the 3rd quarter. Victory Capital Management Inc. now owns 2,066,941 shares of the oil and gas company’s stock worth $51,239,000 after purchasing an additional 1,467,661 shares in the last quarter. Van ECK Associates Corp acquired a new position in RPC during the 3rd quarter worth $36,128,000. Finally, Vanguard Group Inc. grew its stake in RPC by 20.4% during the 2nd quarter. Vanguard Group Inc. now owns 6,076,306 shares of the oil and gas company’s stock worth $122,802,000 after purchasing an additional 1,028,001 shares in the last quarter. 38.08% of the stock is owned by hedge funds and other institutional investors.
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 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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