RPC (RES) Upgraded at Morgan Stanley

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RPC (NYSE:RES) was upgraded by investment analysts at Morgan Stanley from an “underweight” rating to an “overweight” rating in a report released on Thursday, The Fly reports.

Several other equities analysts also recently weighed in on the stock. Goldman Sachs Group began coverage on shares of RPC in a report on Sunday, March 10th. They set a “sell” rating and a $10.00 target price for the company. ValuEngine upgraded shares of RPC from a “strong sell” rating to a “sell” rating in a report on Monday. Wells Fargo & Co downgraded shares of RPC from a “market perform” rating to an “underperform” rating in a report on Monday, January 7th. They noted that the move was a valuation call. Susquehanna Bancshares set a $13.00 target price on shares of RPC and gave the company a “hold” rating in a report on Tuesday. Finally, Seaport Global Securities upgraded shares of RPC from a “neutral” rating to a “buy” rating and set a $15.00 target price for the company in a report on Tuesday, January 29th. Eight research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $12.63.

Shares of RES opened at $11.66 on Thursday. The stock has a market capitalization of $2.54 billion, a PE ratio of 14.22, a P/E/G ratio of 3.28 and a beta of 0.99. RPC has a 52-week low of $9.35 and a 52-week high of $20.18.

RPC (NYSE:RES) last announced its quarterly earnings results on Wednesday, January 23rd. The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.04). The company had revenue of $376.80 million during the quarter, compared to analysts’ expectations of $385.48 million. RPC had a net margin of 10.19% and a return on equity of 17.63%. The business’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 EPS. As a group, analysts forecast that RPC will post 0.3 earnings per share for the current fiscal year.

In other news, Director Pam R. Rollins purchased 10,000 shares of the firm’s stock in a transaction on Thursday, January 31st. The shares were bought at an average cost of $10.85 per share, with a total value of $108,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 73.20% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in RES. Wells Fargo & Company MN boosted its stake in shares of RPC by 17.8% during the 3rd quarter. Wells Fargo & Company MN now owns 159,687 shares of the oil and gas company’s stock worth $2,472,000 after purchasing an additional 24,103 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of RPC by 35.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 699,155 shares of the oil and gas company’s stock worth $10,823,000 after purchasing an additional 181,125 shares during the last quarter. Martingale Asset Management L P acquired a new stake in shares of RPC during the 3rd quarter worth about $202,000. FMR LLC boosted its stake in shares of RPC by 125.2% during the 3rd quarter. FMR LLC now owns 2,540,280 shares of the oil and gas company’s stock worth $39,324,000 after purchasing an additional 1,412,519 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of RPC in the third quarter worth approximately $3,929,000. 32.60% of the stock is currently owned by institutional investors.

About RPC

RPC, Inc, through its subsidiaries, provides 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 offers pressure pumping, fracturing, acidizing, 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.

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Analyst Recommendations for RPC (NYSE:RES)

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