RPC (NYSE:RES) Price Target Cut to $7.00

RPC (NYSE:RES) had its target price dropped by investment analysts at Stifel Nicolaus from $8.00 to $7.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the oil and gas company’s stock. Stifel Nicolaus’ target price would indicate a potential downside of 0.43% from the stock’s current price.

Several other equities analysts have also recently weighed in on RES. Susquehanna cut their price objective on RPC from $7.00 to $6.50 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Citigroup cut their price target on shares of RPC from $6.75 to $5.25 and set a “sell” rating on the stock in a research note on Wednesday, July 10th.

RPC Price Performance

RPC stock opened at $7.03 on Friday. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 12.78 and a beta of 1.55. The company’s 50 day simple moving average is $6.39 and its 200 day simple moving average is $6.68. RPC has a fifty-two week low of $5.66 and a fifty-two week high of $9.26.

RPC (NYSE:RES) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.02. The company had revenue of $364.20 million during the quarter, compared to analyst estimates of $381.18 million. RPC had a net margin of 8.08% and a return on equity of 11.52%. The firm’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.30 EPS. As a group, analysts predict that RPC will post 0.56 EPS for the current fiscal year.

Institutional Investors Weigh In On RPC

Several institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in shares of RPC by 7.9% in the second quarter. Dimensional Fund Advisors LP now owns 10,456,497 shares of the oil and gas company’s stock worth $65,353,000 after purchasing an additional 769,578 shares in the last quarter. Victory Capital Management Inc. boosted its position in RPC by 48.7% during the second quarter. Victory Capital Management Inc. now owns 2,004,789 shares of the oil and gas company’s stock valued at $12,530,000 after purchasing an additional 656,446 shares during the last quarter. Edgestream Partners L.P. acquired a new position in RPC during the second quarter valued at approximately $3,814,000. Marshall Wace LLP acquired a new position in shares of RPC during the 2nd quarter worth approximately $3,349,000. Finally, American Century Companies Inc. increased its position in shares of RPC by 24.1% during the 2nd quarter. American Century Companies Inc. now owns 2,236,307 shares of the oil and gas company’s stock worth $13,977,000 after purchasing an additional 434,849 shares during the last quarter. Institutional investors own 41.06% of the company’s stock.

RPC Company Profile

RPC, Inc, through its subsidiaries, engages provision of a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties. The company operates through Technical Services and Support Services segments. The Technical Services segment offers pressure pumping, fracturing, acidizing, cementing, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline, pump down, and fishing services that are used in the completion, production, and maintenance of oil and gas wells.