Zacks Investment Research Downgrades RPC, Inc. (NYSE:RES) to Hold

RPC, Inc. (NYSE:RES) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “RPC, Inc. provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties. It operates its business through two business segments- Technical Services and Support Services. Services and products offered by the Company include Cudd Pumping, Coiled Tubing, Snubbing, Nitrogen Units, Thru Tubing Solutions, Wireline, Fluid Pumps, Well Control, Production Rental Tools, Patterson Rental Tools, Patterson Tubular Services and Well Control School. The Company’s products and services can be found throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. RPC, Inc. is headquartered in Atlanta, Georgia. “

RES has been the topic of several other reports. Tudor Pickering began coverage on RPC in a research report on Thursday, March 23rd. They set a “buy” rating on the stock. Jefferies Group LLC set a $26.00 price target on RPC and gave the company a “buy” rating in a research report on Wednesday, May 17th. Piper Jaffray Companies restated a “neutral” rating and set a $20.50 price target (up from $18.75) on shares of RPC in a research report on Wednesday, July 12th. Wolfe Research lowered RPC from an “outperform” rating to a “market perform” rating and set a $20.00 price target on the stock. in a research report on Monday, April 17th. Finally, BMO Capital Markets began coverage on RPC in a research report on Wednesday, April 12th. They set an “outperform” rating and a $24.00 price target on the stock. Eleven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. RPC currently has an average rating of “Hold” and a consensus target price of $22.68.

RPC (RES) opened at 21.17 on Tuesday. The firm’s market capitalization is $4.61 billion. The stock’s 50 day moving average price is $19.53 and its 200-day moving average price is $19.67. RPC has a 12 month low of $13.49 and a 12 month high of $23.36.

RPC (NYSE:RES) last released its quarterly earnings results on Wednesday, April 26th. The oil and gas company reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.04. RPC had a negative return on equity of 12.86% and a negative net margin of 12.54%. The company had revenue of $298.12 million for the quarter, compared to analyst estimates of $273.35 million. During the same period in the previous year, the company posted ($0.15) earnings per share. The firm’s revenue was up 57.7% on a year-over-year basis. Equities analysts anticipate that RPC will post $0.63 EPS for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of RES. MARSHALL WACE ASIA Ltd acquired a new position in RPC during the first quarter valued at $28,788,000. Marshall Wace North America L.P. acquired a new position in RPC during the first quarter valued at $28,788,000. Copper Rock Capital Partners LLC acquired a new position in RPC during the first quarter valued at $19,204,000. Alliancebernstein L.P. boosted its position in RPC by 21.6% in the first quarter. Alliancebernstein L.P. now owns 5,707,098 shares of the oil and gas company’s stock valued at $104,497,000 after buying an additional 1,012,027 shares in the last quarter. Finally, Investec Asset Management LTD acquired a new position in RPC during the first quarter valued at $14,459,000. Hedge funds and other institutional investors own 40.20% of the company’s stock.

About RPC

RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.

Analyst Recommendations for RPC (NYSE:RES)

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