RPC (NYSE:RES) Price Target Cut to $4.00 by Analysts at Piper Sandler

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 reduced by stock analysts at Piper Sandler from $5.00 to $4.00 in a report issued on Thursday,Benzinga reports. The firm currently has an "underweight" rating on the oil and gas company's stock. Piper Sandler's target price suggests a potential downside of 8.47% from the company's previous close.

Several other research analysts also recently commented on the company. Stifel Nicolaus cut their target price on RPC from $6.00 to $5.00 and set a "hold" rating on the stock in a report on Wednesday, July 16th. Susquehanna lowered their price objective on RPC from $5.50 to $5.00 and set a "neutral" rating for the company in a research report on Friday, July 25th.

RPC Stock Down 1.4%

NYSE RES traded down $0.06 during trading hours on Thursday, hitting $4.37. 2,049,520 shares of the company traded hands, compared to its average volume of 2,076,779. The business's 50-day moving average is $4.84 and its 200-day moving average is $5.08. RPC has a twelve month low of $4.10 and a twelve month high of $7.22. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.16 and a current ratio of 2.64. The stock has a market capitalization of $963.87 million, a price-to-earnings ratio of 16.81 and a beta of 0.88.

RPC (NYSE:RES - Get Free Report) last announced its 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 firm had revenue of $420.81 million for the quarter, compared to the consensus estimate of $421.08 million. During the same quarter last year, the business posted $0.15 EPS. RPC's revenue for the quarter was up 15.5% on a year-over-year basis. Sell-side analysts anticipate that RPC will post 0.31 earnings per share for the current year.

Institutional Trading of RPC

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its position in shares of RPC by 17.0% in the 4th quarter. JPMorgan Chase & Co. now owns 572,373 shares of the oil and gas company's stock worth $3,400,000 after purchasing an additional 82,972 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of RPC by 3.8% in the 4th quarter. Franklin Resources Inc. now owns 48,030 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 1,758 shares in the last quarter. Wells Fargo & Company MN lifted its position in RPC by 31.7% in the 4th quarter. Wells Fargo & Company MN now owns 52,150 shares of the oil and gas company's stock valued at $310,000 after acquiring an additional 12,551 shares in the last quarter. Cerity Partners LLC lifted its position in RPC by 194.1% in the 4th quarter. Cerity Partners LLC now owns 66,326 shares of the oil and gas company's stock valued at $401,000 after acquiring an additional 43,772 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in RPC in the 4th quarter valued at approximately $68,000. 41.06% of the stock is owned by institutional investors.

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.