RPC (NYSE:RES) Stock Gets Downgrade from Freedom Broker

RPC (NYSE:RES) was downgraded by analysts at Freedom Broker from a “hold” rating to a “sell” rating in a report issued on Friday, Benzinga reports. They presently have a $5.00 price objective on the oil and gas company’s stock, down from their previous price objective of $6.00. Freedom Broker‘s price target would indicate a potential downside of 18.96% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. Evercore lowered shares of RPC to an “outperform” rating in a report on Friday. Weiss Ratings lowered shares of RPC from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, September 16th. Finally, Susquehanna dropped their price objective on shares of RPC from $7.50 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, RPC presently has an average rating of “Reduce” and a consensus price target of $5.67.

RPC Price Performance

Shares of RPC stock opened at $6.17 on Friday. The stock has a market capitalization of $1.37 billion, a P/E ratio of -36.29 and a beta of 0.82. The business has a 50 day simple moving average of $6.15 and a two-hundred day simple moving average of $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.

RPC (NYSE:RES) last issued its quarterly earnings results on Thursday, October 29th. The oil and gas company reported $0.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.10. RPC had a positive return on equity of 5.26% and a negative net margin of 1.77%. The firm had revenue of $467.74 million for the quarter, compared to analyst estimates of $469.12 million. During the same period in the previous year, the company posted $0.09 earnings per share. The business’s revenue was up 4.6% on a year-over-year basis. As a group, analysts predict that RPC will post 0.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RES. Bridge City Capital LLC raised its stake in RPC by 21.5% during the third quarter. Bridge City Capital LLC now owns 442,716 shares of the oil and gas company’s stock worth $2,492,000 after purchasing an additional 78,265 shares during the period. Vise Technologies Inc. acquired a new stake in shares of RPC during the 3rd quarter worth approximately $114,000. State of Wyoming increased its holdings in shares of RPC by 272.0% during the 3rd quarter. State of Wyoming now owns 34,429 shares of the oil and gas company’s stock worth $194,000 after buying an additional 25,175 shares during the last quarter. SummerHaven Investment Management LLC purchased a new stake in shares of RPC during the 3rd quarter valued at approximately $745,000. Finally, USA Financial Formulas purchased a new stake in shares of RPC during the 3rd quarter valued at approximately $40,000. Hedge funds and other institutional investors own 41.06% of the company’s stock.

About RPC

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.