Shares of RPC, Inc. (NYSE:RES) have received a consensus recommendation of “Hold” from the twelve research firms that are covering the company, Marketbeat Ratings reports. Five investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $3.56.
RES has been the subject of several recent research reports. ValuEngine raised shares of RPC from a “hold” rating to a “buy” rating in a research report on Friday, May 1st. Morgan Stanley lowered shares of RPC from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $6.00 to $2.50 in a research report on Monday, March 16th. Citigroup increased their price objective on shares of RPC from $1.90 to $2.30 and gave the stock a “sell” rating in a research report on Thursday, May 21st. Raymond James reissued an “outperform” rating and issued a $4.00 price objective (up previously from $3.00) on shares of RPC in a research report on Thursday, May 7th. Finally, Piper Sandler upped their target price on shares of RPC from $2.80 to $3.10 and gave the company a “neutral” rating in a research note on Thursday, May 28th.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp boosted its stake in RPC by 10.9% during the 1st quarter. State Street Corp now owns 2,028,245 shares of the oil and gas company’s stock valued at $4,178,000 after acquiring an additional 198,757 shares during the last quarter. Royal Bank of Canada boosted its stake in RPC by 178.2% during the 1st quarter. Royal Bank of Canada now owns 32,153 shares of the oil and gas company’s stock valued at $66,000 after acquiring an additional 20,596 shares during the last quarter. Morgan Stanley boosted its stake in RPC by 29.3% during the 1st quarter. Morgan Stanley now owns 1,559,299 shares of the oil and gas company’s stock valued at $3,212,000 after acquiring an additional 353,514 shares during the last quarter. Invesco Ltd. boosted its stake in RPC by 1.6% during the 1st quarter. Invesco Ltd. now owns 670,382 shares of the oil and gas company’s stock valued at $1,381,000 after acquiring an additional 10,237 shares during the last quarter. Finally, Quantitative Investment Management LLC boosted its stake in RPC by 18.9% during the 1st quarter. Quantitative Investment Management LLC now owns 142,406 shares of the oil and gas company’s stock valued at $293,000 after acquiring an additional 22,678 shares during the last quarter. Hedge funds and other institutional investors own 30.24% of the company’s stock.
RPC (NYSE:RES) last released its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02. RPC had a negative net margin of 21.81% and a negative return on equity of 4.24%. The company had revenue of $243.80 million during the quarter, compared to analyst estimates of $123.06 million. The business’s revenue was down 27.2% compared to the same quarter last year. As a group, equities analysts forecast that RPC will post -0.37 EPS for the current fiscal year.
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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