Citigroup Downgrades RPC (RES) to Sell

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RPC (NYSE:RES) was downgraded by stock analysts at Citigroup from a “neutral” rating to a “sell” rating in a report issued on Wednesday, Marketbeat Ratings reports. They currently have a $8.00 target price on the oil and gas company’s stock, down from their previous target price of $11.00. Citigroup‘s price objective would indicate a potential downside of 26.94% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Wolfe Research began coverage on shares of RPC in a research note on Wednesday, October 10th. They issued an “underperform” rating for the company. Zacks Investment Research upgraded shares of RPC from a “strong sell” rating to a “hold” rating in a research note on Friday, October 12th. Credit Suisse Group set a $14.00 target price on shares of RPC and gave the company a “hold” rating in a research note on Thursday, October 25th. Raymond James downgraded shares of RPC from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 13th. Finally, Macquarie set a $13.00 target price on shares of RPC and gave the company a “hold” rating in a research note on Thursday, October 25th. Eight investment analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. RPC currently has an average rating of “Hold” and a consensus target price of $14.60.

Shares of RES stock opened at $10.95 on Wednesday. The company has a market cap of $2.33 billion, a P/E ratio of 16.59, a price-to-earnings-growth ratio of 1.20 and a beta of 0.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.01 and a current ratio of 3.74. RPC has a 52-week low of $9.35 and a 52-week high of $25.75.

RPC (NYSE:RES) last issued its quarterly earnings data on Wednesday, October 24th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.04). The business had revenue of $439.99 million for the quarter, compared to analysts’ expectations of $456.54 million. RPC had a net margin of 12.40% and a return on equity of 20.48%. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 earnings per share. Sell-side analysts anticipate that RPC will post 0.83 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Federated Investors Inc. PA increased its holdings in RPC by 108.7% in the third quarter. Federated Investors Inc. PA now owns 759,907 shares of the oil and gas company’s stock valued at $11,763,000 after buying an additional 395,831 shares in the last quarter. AQR Capital Management LLC increased its holdings in RPC by 8.0% in the third quarter. AQR Capital Management LLC now owns 3,466,461 shares of the oil and gas company’s stock valued at $53,661,000 after buying an additional 257,686 shares in the last quarter. Signaturefd LLC increased its holdings in RPC by 1,723.7% in the third quarter. Signaturefd LLC now owns 19,660 shares of the oil and gas company’s stock valued at $304,000 after buying an additional 18,582 shares in the last quarter. Vident Investment Advisory LLC purchased a new position in RPC in the third quarter valued at $364,000. Finally, BlueMountain Capital Management LLC increased its holdings in RPC by 4,461.4% in the third quarter. BlueMountain Capital Management LLC now owns 585,365 shares of the oil and gas company’s stock valued at $9,061,000 after buying an additional 572,532 shares in the last quarter. 32.97% of the stock is owned by institutional investors.

About RPC

RPC, Inc 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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