RPC (RES) Given New $14.00 Price Target at Citigroup

RPC (NYSE:RES) had its price objective lowered by investment analysts at Citigroup from $15.00 to $14.00 in a research report issued to clients and investors on Friday, September 14th, Stock Target Advisor reports. The brokerage presently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s target price points to a potential downside of 16.96% from the company’s previous close.

Several other research analysts have also issued reports on RES. SunTrust Banks lowered shares of RPC from a “buy” rating to a “hold” rating and dropped their price target for the stock from $25.00 to $16.00 in a research report on Thursday, August 30th. Credit Suisse Group dropped their price target on shares of RPC from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, July 26th. Stifel Nicolaus initiated coverage on shares of RPC in a research report on Monday, September 10th. They issued a “hold” rating and a $15.00 price target for the company. ValuEngine lowered shares of RPC from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 5th. Finally, Zacks Investment Research lowered shares of RPC from a “hold” rating to a “sell” rating in a research report on Tuesday, July 31st. Three equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $19.94.

RES stock traded down $0.05 during mid-day trading on Friday, reaching $16.86. 1,446,200 shares of the stock traded hands, compared to its average volume of 1,827,329. RPC has a 52 week low of $12.96 and a 52 week high of $27.07. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of 25.59, a price-to-earnings-growth ratio of 0.92 and a beta of 0.84.

RPC (NYSE:RES) last released its earnings results on Wednesday, July 25th. The oil and gas company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.01). RPC had a net margin of 12.60% and a return on equity of 23.23%. The company had revenue of $467.93 million during the quarter, compared to the consensus estimate of $488.40 million. During the same quarter in the previous year, the business posted $0.20 EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. On average, equities analysts forecast that RPC will post 0.94 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System increased its holdings in shares of RPC by 3.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 84,958 shares of the oil and gas company’s stock valued at $1,532,000 after purchasing an additional 2,840 shares in the last quarter. Aperio Group LLC boosted its stake in RPC by 4.2% in the first quarter. Aperio Group LLC now owns 79,933 shares of the oil and gas company’s stock valued at $1,441,000 after acquiring an additional 3,247 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in RPC by 73.6% in the first quarter. Envestnet Asset Management Inc. now owns 9,164 shares of the oil and gas company’s stock valued at $166,000 after acquiring an additional 3,885 shares during the last quarter. NumerixS Investment Technologies Inc boosted its stake in RPC by 101.1% in the second quarter. NumerixS Investment Technologies Inc now owns 10,861 shares of the oil and gas company’s stock valued at $159,000 after acquiring an additional 5,461 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its stake in RPC by 34.1% in the first quarter. Cubist Systematic Strategies LLC now owns 31,615 shares of the oil and gas company’s stock valued at $570,000 after acquiring an additional 8,043 shares during the last quarter. 31.74% of the stock is owned by institutional investors and hedge funds.

RPC Company Profile

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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