RPC (RES) Lowered to Sell at Citigroup

Citigroup cut shares of RPC (NYSE:RES) from a neutral rating to a sell rating in a research note released on Wednesday, MarketBeat Ratings reports. They currently have $8.00 price target on the oil and gas company’s stock, down from their previous price target of $11.00.

Several other brokerages also recently weighed in on RES. Macquarie set a $13.00 price objective on shares of RPC and gave the stock a hold rating in a research report on Thursday, October 25th. Bank of America initiated coverage on shares of RPC in a research report on Wednesday, October 17th. They set a neutral rating for the company. ValuEngine downgraded shares of RPC from a sell rating to a strong sell rating in a research report on Wednesday. Jefferies Financial Group downgraded shares of RPC from a hold rating to a sell rating and set a $9.00 price objective for the company. in a research report on Thursday, December 13th. Finally, Zacks Investment Research downgraded shares of RPC from a hold rating to a sell rating in a research report on Thursday, January 3rd. Eight analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. The company has an average rating of Hold and a consensus target price of $14.60.

Shares of RPC stock opened at $11.00 on Wednesday. RPC has a 52-week low of $9.35 and a 52-week high of $25.75. The company has a quick ratio of 3.01, a current ratio of 3.74 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $2.33 billion, a P/E ratio of 16.67, a PEG ratio of 1.20 and a beta of 0.99.

RPC (NYSE:RES) last issued its quarterly earnings data on Wednesday, October 24th. The oil and gas company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.04). The company had revenue of $439.99 million for the quarter, compared to analysts’ expectations of $456.54 million. RPC had a return on equity of 20.48% and a net margin of 12.40%. The firm’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.26 EPS. On average, equities research analysts anticipate that RPC will post 0.83 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the company. Putnam Investments LLC acquired a new position in shares of RPC in the 2nd quarter valued at $605,000. Russell Investments Group Ltd. increased its holdings in shares of RPC by 5.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 882,202 shares of the oil and gas company’s stock valued at $13,667,000 after acquiring an additional 42,136 shares during the period. Gabelli Funds LLC increased its holdings in shares of RPC by 1.6% in the 3rd quarter. Gabelli Funds LLC now owns 2,691,185 shares of the oil and gas company’s stock valued at $41,660,000 after acquiring an additional 43,080 shares during the period. FMR LLC increased its holdings in shares of RPC by 1,637.7% in the 2nd quarter. FMR LLC now owns 1,127,761 shares of the oil and gas company’s stock valued at $16,431,000 after acquiring an additional 1,062,861 shares during the period. Finally, Deprince Race & Zollo Inc. increased its holdings in shares of RPC by 17.5% in the 3rd quarter. Deprince Race & Zollo Inc. now owns 1,938,156 shares of the oil and gas company’s stock valued at $30,003,000 after acquiring an additional 288,359 shares during the period. 32.97% of the stock is currently owned by institutional investors and hedge funds.

RPC Company Profile

RPC, Inc 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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Analyst Recommendations for RPC (NYSE:RES)

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