RPC (NYSE:RES) Stock Rating Cut to “Sell” at Freedom Broker

RPC (NYSE:RES) was downgraded by equities researchers at Freedom Broker from a “hold” rating to a “sell” rating in a report released on Friday, Benzinga reports. They currently have a $5.00 price objective on the oil and gas company’s stock, down from their prior price objective of $6.00. Freedom Broker‘s price objective points to a potential downside of 18.96% from the company’s previous close.

A number of other research firms have also recently weighed in on RES. Evercore cut shares of RPC to an “outperform” rating in a research report on Friday. Weiss Ratings lowered RPC from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, September 16th. Finally, Susquehanna decreased their price target on RPC from $7.50 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 8th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $5.67.

RPC Stock Performance

NYSE RES opened at $6.17 on Friday. The firm’s 50-day moving average is $6.15 and its two-hundred day moving average is $6.37. RPC has a 12 month low of $4.99 and a 12 month high of $8.16. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.52 and a quick ratio of 2.85. The stock has a market capitalization of $1.37 billion, a P/E ratio of -36.29 and a beta of 0.82.

RPC (NYSE:RES) last announced its earnings results on Thursday, October 29th. The oil and gas company reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. The company had revenue of $467.74 million during the quarter, compared to analyst estimates of $469.12 million. RPC had a negative net margin of 1.77% and a positive return on equity of 5.26%. RPC’s revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.09 earnings per share. On average, sell-side analysts anticipate that RPC will post 0.26 earnings per share for the current year.

Hedge Funds Weigh In On RPC

Institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in RPC in the second quarter valued at $90,891,000. Dimensional Fund Advisors LP boosted its stake in shares of RPC by 7.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 12,543,337 shares of the oil and gas company’s stock valued at $88,809,000 after buying an additional 883,118 shares during the period. Congress Asset Management Co. boosted its stake in shares of RPC by 21.7% in the 3rd quarter. Congress Asset Management Co. now owns 1,924,866 shares of the oil and gas company’s stock valued at $10,837,000 after buying an additional 343,601 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of RPC during the second quarter worth about $9,614,000. Finally, Empowered Funds LLC increased its stake in shares of RPC by 6.4% during the first quarter. Empowered Funds LLC now owns 1,119,996 shares of the oil and gas company’s stock worth $7,930,000 after buying an additional 66,972 shares during the period. Institutional investors and hedge funds own 41.06% of the company’s stock.

RPC Company Profile

RPC, Inc (NYSE: RES) is an oilfield services company that provides specialized equipment and services to energy producers and exploration and production companies. Its offerings support the drilling, completion, production and maintenance of oil and natural gas wells.

The company’s services include pressure pumping, coiled tubing, well control, nitrogen services, downhole tools, well testing, fishing and rental equipment. These services are used in activities such as hydraulic fracturing, well intervention, workover operations and production enhancement.

RPC was founded in 1984 and is headquartered in Atlanta, Georgia.