RPC, Inc. (NYSE:RES) Short Interest Update

RPC, Inc. (NYSE:RES) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 28,730,200 shares, a growth of 51.2% from the July 31st total of 18,997,000 shares. Based on an average daily volume of 2,740,000 shares, the short-interest ratio is presently 10.5 days. Currently, 50.1% of the shares of the stock are sold short.

NYSE:RES traded up $0.19 on Wednesday, reaching $5.89. The stock had a trading volume of 2,088,900 shares, compared to its average volume of 2,165,751. The company has a market capitalization of $1.21 billion, a P/E ratio of 7.18, a price-to-earnings-growth ratio of 72.68 and a beta of 1.08. RPC has a 1-year low of $4.88 and a 1-year high of $17.24. The company has a quick ratio of 2.45, a current ratio of 3.13 and a debt-to-equity ratio of 0.03. The stock has a fifty day moving average price of $5.67 and a 200-day moving average price of $8.36.

RPC (NYSE:RES) last issued its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.01). The firm had revenue of $358.50 million for the quarter, compared to the consensus estimate of $362.40 million. RPC had a return on equity of 6.37% and a net margin of 4.55%. RPC’s quarterly revenue was down 23.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.28 earnings per share. Sell-side analysts predict that RPC will post 0.01 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the company. Marshall Wace North America L.P. bought a new stake in RPC during the 1st quarter worth approximately $25,000. Strs Ohio acquired a new stake in RPC during the 2nd quarter valued at $28,000. HighTower Advisors LLC acquired a new stake in RPC during the 2nd quarter valued at $64,000. Private Advisor Group LLC bought a new position in RPC in the 2nd quarter valued at $92,000. Finally, NumerixS Investment Technologies Inc bought a new position in RPC in the 1st quarter valued at $154,000. Institutional investors own 33.79% of the company’s stock.

A number of research analysts have commented on RES shares. ValuEngine upgraded shares of RPC from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 1st. Morgan Stanley lowered their price objective on RPC from $15.00 to $10.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Citigroup set a $6.00 target price on RPC and gave the stock a “sell” rating in a report on Tuesday, July 2nd. Gabelli downgraded RPC from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th. Finally, AltaCorp Capital restated an “underperform” rating on shares of RPC in a research report on Thursday, June 20th. Nine research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $10.92.

About RPC

RPC, Inc, through its subsidiaries, provides a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties. The company operates through Technical Services and Support Services segments. The Technical Services offers pressure pumping, fracturing, acidizing, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline, pump down, and fishing services that are used in the completion, production, and maintenance of oil and gas wells.

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