Piper Sandler Issues Pessimistic Forecast for RPC (NYSE:RES) Stock Price

Key Points

• Piper Sandler has lowered the price target for RPC's stock from $5.00 to $4.00, indicating a potential downside of 9.60% from the current price.
• RPC reported an EPS of $0.08 for the last quarter, missing estimates by $0.01, and had a 15.5% increase in revenue compared to the same quarter last year.
• Institutional investors currently own 41.06% of RPC's stock, with several investing in the company during the past few quarters.

RPC (NYSE:RES - Get Free Report) had its target price cut by investment analysts at Piper Sandler from $5.00 to $4.00 in a report released on Thursday,Benzinga reports. The firm presently has an "underweight" rating on the oil and gas company's stock. Piper Sandler's target price suggests a potential downside of 8.78% from the company's previous close.

Other analysts also recently issued reports about the stock. Susquehanna cut their target price on shares of RPC from $5.50 to $5.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Stifel Nicolaus lowered their price target on RPC from $6.00 to $5.00 and set a "hold" rating on the stock in a report on Wednesday, July 16th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus target price of $4.69.

RPC Trading Down 1.0%

Shares of RPC stock traded down $0.0450 on Thursday, reaching $4.3850. 1,268,813 shares of the company were exchanged, compared to its average volume of 2,097,998. RPC has a fifty-two week low of $4.10 and a fifty-two week high of $7.22. The firm has a market capitalization of $967.20 million, a price-to-earnings ratio of 16.87 and a beta of 0.88. The company has a current ratio of 2.64, a quick ratio of 2.16 and a debt-to-equity ratio of 0.03. The stock has a fifty day moving average price of $4.83 and a 200-day moving average price of $5.06.

RPC (NYSE:RES - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The oil and gas company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). RPC had a return on equity of 5.65% and a net margin of 3.77%.The company had revenue of $420.81 million during the quarter, compared to analysts' expectations of $421.08 million. During the same period in the prior year, the business posted $0.15 EPS. The company's revenue for the quarter was up 15.5% compared to the same quarter last year. On average, analysts expect that RPC will post 0.31 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of RPC by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,368 shares of the oil and gas company's stock valued at $287,000 after acquiring an additional 1,697 shares during the period. Franklin Resources Inc. raised its stake in RPC by 3.8% during the 4th quarter. Franklin Resources Inc. now owns 48,030 shares of the oil and gas company's stock valued at $285,000 after purchasing an additional 1,758 shares during the last quarter. SummerHaven Investment Management LLC boosted its holdings in RPC by 1.8% in the 1st quarter. SummerHaven Investment Management LLC now owns 134,642 shares of the oil and gas company's stock valued at $741,000 after purchasing an additional 2,346 shares during the period. Comerica Bank grew its position in RPC by 3.6% in the 4th quarter. Comerica Bank now owns 86,007 shares of the oil and gas company's stock worth $511,000 after purchasing an additional 2,979 shares during the last quarter. Finally, Aquatic Capital Management LLC grew its position in RPC by 3.9% in the 4th quarter. Aquatic Capital Management LLC now owns 80,637 shares of the oil and gas company's stock worth $479,000 after purchasing an additional 3,037 shares during the last quarter. 41.06% of the stock is currently owned by institutional investors and hedge funds.

About RPC

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.