RPC Inc. (RES) Shares Gap Up to $14.38
Shares of RPC Inc. (NYSE:RES) gapped up prior to trading on Wednesday . The stock had previously closed at $14.32, but opened at $14.38. RPC shares last traded at $14.55, with a volume of 1,755,439 shares changing hands.
Several research firms have recently commented on RES. Credit Suisse Group AG reiterated a “hold” rating on shares of RPC in a research note on Thursday, June 2nd. Seaport Global Securities cut RPC from a “neutral” rating to a “reduce” rating and set a $12.00 target price for the company. in a research note on Tuesday, April 19th. GMP Securities cut RPC from a “hold” rating to a “reduce” rating in a research note on Thursday, April 28th. Morgan Stanley increased their target price on RPC from $15.00 to $17.50 and gave the company an “equal weight” rating in a research note on Tuesday, April 19th. Finally, FBR & Co upgraded RPC from a “mkt perform” rating to an “outperform” rating and increased their target price for the company from $11.00 to $15.00 in a research note on Wednesday, June 1st. Three analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $14.40.
The company’s 50-day moving average price is $15.21 and its 200 day moving average price is $13.94. The firm’s market cap is $3.16 billion.
RPC (NYSE:RES) last issued its quarterly earnings results on Wednesday, July 27th. The company reported ($0.23) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.23). The business earned $143 million during the quarter, compared to the consensus estimate of $149.41 million. During the same period in the prior year, the firm earned ($0.16) earnings per share. The business’s quarterly revenue was down 51.9% on a year-over-year basis. On average, equities research analysts predict that RPC Inc. will post ($0.77) EPS for the current fiscal year.
In other RPC news, CEO Richard A. Hubbell sold 100,000 shares of RPC stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $15.79, for a total value of $1,579,000.00. Following the transaction, the chief executive officer now directly owns 2,739,345 shares of the company’s stock, valued at approximately $43,254,257.55. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Other hedge funds and institutional investors have modified their holdings of the company. Stephens Investment Management Group LLC increased its position in shares of RPC by 153.7% in the fourth quarter. Stephens Investment Management Group LLC now owns 897,185 shares of the company’s stock valued at $10,721,000 after buying an additional 543,505 shares in the last quarter. First Trust Advisors LP boosted its stake in RPC by 2.4% in the fourth quarter. First Trust Advisors LP now owns 506,036 shares of the company’s stock worth $6,047,000 after buying an additional 11,914 shares in the last quarter. Cornerstone Capital Management Holdings LLC. boosted its stake in RPC by 149.9% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 451,182 shares of the company’s stock worth $5,391,000 after buying an additional 270,634 shares in the last quarter. California Public Employees Retirement System boosted its stake in RPC by 0.6% in the fourth quarter. California Public Employees Retirement System now owns 309,300 shares of the company’s stock worth $3,696,000 after buying an additional 1,700 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in RPC by 1.9% in the fourth quarter. California State Teachers Retirement System now owns 109,484 shares of the company’s stock worth $1,308,000 after buying an additional 2,011 shares in the last quarter.
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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