RPC Inc. (RES) Shares Down 2.6%
RPC Inc. (NYSE:RES)’s share price dropped 2.6% during mid-day trading on Monday . The stock traded as low as $15.83 and last traded at $15.92, with a volume of 586,139 shares trading hands. The stock had previously closed at $16.35.
A number of brokerages have weighed in on RES. Morgan Stanley restated a “hold” rating and issued a $19.00 price objective (up previously from $17.50) on shares of RPC in a report on Wednesday, April 27th. Cowen and Company restated an “outperform” rating and issued a $17.00 price objective (up previously from $14.00) on shares of RPC in a report on Thursday, April 28th. GMP Securities cut shares of RPC from a “hold” rating to a “reduce” rating in a report on Thursday, April 28th. FBR & Co restated a “buy” rating on shares of RPC in a report on Thursday, April 28th. Finally, Iberia Capital upgraded shares of RPC to an “outperform” rating in a report on Tuesday, May 17th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $14.27.
The firm has a 50-day moving average of $14.98 and a 200-day moving average of $14.37. The firm’s market cap is $3.47 billion.
RPC (NYSE:RES) last issued its quarterly earnings data on Wednesday, July 27th. The company reported ($0.23) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.23). The firm earned $143 million during the quarter, compared to analysts’ expectations of $149.41 million. The firm’s quarterly revenue was down 51.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.16) EPS. Analysts predict that RPC Inc. will post ($0.74) EPS for the current fiscal year.
In other news, CEO Richard A. Hubbell sold 100,000 shares of RPC stock in a transaction that occurred on Monday, June 6th. The shares were 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 owns 2,739,345 shares of the company’s stock, valued at approximately $43,254,257.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Several hedge funds and institutional investors have recently modified their holdings of RES. RS Investment Management Co. LLC increased its position in shares of 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 during the last quarter. 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 worth $10,721,000 after buying an additional 543,505 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in shares of 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 during 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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