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

Key Points

• Susquehanna raised RPC's price target to $7.00 and kept a "neutral" rating, implying roughly a 0.57% upside from the prior close.
• The broader analyst consensus is a "Reduce" rating with a $5.50 average target (four Holds, one Sell), indicating mixed to bearish sentiment among brokers.
• RPC's latest quarter showed EPS of $0.04 (missed $0.07) while revenue of $425.8M beat estimates and rose 26.9% YoY; the stock traded near $6.96 with a $1.54B market cap and a 52-week range of $4.18–$7.41.

RPC (NYSE:RES - Get Free Report) had its price target increased by investment analysts at Susquehanna from $6.00 to $7.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas company's stock. Susquehanna's target price suggests a potential upside of 0.57% from the stock's previous close.

RES has been the subject of several other reports. Piper Sandler reissued an "underweight" rating on shares of RPC in a report on Thursday, December 18th. Citigroup lifted their price target on RPC from $5.75 to $6.00 and gave the stock a "neutral" rating in a report on Thursday, December 11th. Weiss Ratings reissued a "hold (c-)" rating on shares of RPC in a report on Monday, December 29th. Finally, Wall Street Zen cut RPC from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $5.50.

RPC Stock Performance

NYSE:RES traded up $0.14 during mid-day trading on Tuesday, hitting $6.96. 166,108 shares of the stock were exchanged, compared to its average volume of 2,476,237. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 46.45 and a beta of 0.61. The firm's 50-day simple moving average is $6.33 and its 200 day simple moving average is $5.68. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.70 and a current ratio of 3.24. RPC has a fifty-two week low of $4.18 and a fifty-two week high of $7.41.

RPC (NYSE:RES - Get Free Report) last released its quarterly earnings results on Tuesday, February 3rd. The oil and gas company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.03). The firm had revenue of $425.78 million for the quarter, compared to analyst estimates of $423.30 million. RPC had a return on equity of 5.24% and a net margin of 1.97%.The business's revenue for the quarter was up 26.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.06 earnings per share. As a group, equities analysts anticipate that RPC will post 0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On RPC

Several hedge funds and other institutional investors have recently modified their holdings of RES. IES Holdings Inc. bought a new position in shares of RPC in the 4th quarter valued at $14,144,000. Carolina Wealth Advisors LLC increased its stake in shares of RPC by 7,851.8% in the 3rd quarter. Carolina Wealth Advisors LLC now owns 1,277,544 shares of the oil and gas company's stock valued at $6,081,000 after purchasing an additional 1,261,478 shares during the last quarter. Congress Asset Management Co. bought a new position in shares of RPC in the 3rd quarter valued at $5,959,000. Goldman Sachs Group Inc. increased its stake in shares of RPC by 103.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,882,657 shares of the oil and gas company's stock valued at $10,242,000 after purchasing an additional 956,370 shares during the last quarter. Finally, UBS Group AG increased its stake in shares of RPC by 134.3% in the 3rd quarter. UBS Group AG now owns 1,499,425 shares of the oil and gas company's stock valued at $7,137,000 after purchasing an additional 859,406 shares during the last quarter. Institutional investors own 41.06% of the company's stock.

About RPC

RPC, Inc NYSE: RES provides essential equipment and services to companies engaged in the exploration, production and maintenance of oil and natural gas wells. The firm operates as an equity interest holding company, partnering with a network of independent service businesses to deliver a comprehensive suite of offerings for well completion and production operations.

Through its affiliated service companies, RPC offers pressure pumping and fracturing services, coiled tubing and nitrogen pumping, downhole tools and telemetry solutions, well intervention and workover services, along with rental tools and supply-chain logistics.

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