RPC Inc. (RES) Shares Gap Up to $14.79
RPC Inc. (NYSE:RES) shares gapped up before the market opened on Monday . The stock had previously closed at $14.62, but opened at $14.79. RPC shares last traded at $15.23, with a volume of 385,173 shares traded.
RES has been the subject of several recent research reports. FBR & Co restated a “buy” rating on shares of RPC in a report on Thursday, April 28th. Morgan Stanley increased their target price on shares of RPC from $15.00 to $17.50 and gave the stock an “equal weight” rating in a report on Tuesday, April 19th. Credit Suisse Group AG restated a “hold” rating on shares of RPC in a report on Thursday, June 2nd. GMP Securities upgraded shares of RPC from a “reduce” rating to a “hold” rating in a report on Thursday, July 28th. Finally, Citigroup Inc. dropped their price target on shares of RPC from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $14.27.
The firm’s market cap is $3.31 billion. The company’s 50-day moving average is $14.87 and its 200-day moving average is $14.14.
RPC (NYSE:RES) last posted its quarterly earnings results on Wednesday, July 27th. The company reported ($0.23) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.23). The business earned $143 million during the quarter, compared to analyst estimates of $149.41 million. During the same period in the previous year, the business posted ($0.16) EPS. The business’s revenue for the quarter was down 51.9% compared to the same quarter last year. Analysts anticipate that RPC Inc. will post ($0.75) EPS for the current fiscal year.
In other RPC news, CEO Richard A. Hubbell sold 100,000 shares of RPC stock in a transaction on Monday, June 6th. The shares were sold at an average price of $15.79, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System increased its position 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. California Public Employees Retirement System increased its position 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. Cornerstone Capital Management Holdings LLC. increased its position 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. Stephens Investment Management Group LLC increased its position in RPC by 153.7% in the fourth quarter. Stephens Investment Management Group LLC now owns 897,185 shares of the company’s stock worth $10,721,000 after buying an additional 543,505 shares in the last quarter. Finally, RS Investment Management Co. LLC increased its position in RPC by 21.2% in the fourth quarter. RS Investment Management Co. LLC now owns 939,930 shares of the company’s stock worth $11,232,000 after buying an additional 164,300 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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