Morgan Stanley Lowers RPC (NYSE:RES) Price Target to $10.00

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RPC (NYSE:RES) had its price target lowered by Morgan Stanley from $15.00 to $10.00 in a note issued to investors on Friday, BenzingaRatingsTable reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley’s target price would indicate a potential upside of 50.60% from the company’s current price.

A number of other equities analysts have also issued reports on the company. ValuEngine lowered Verso from a “hold” rating to a “sell” rating in a research note on Thursday, May 23rd. Bank of America upgraded Air Products & Chemicals from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $170.00 to $215.00 in a research note on Thursday, April 25th. Susquehanna Bancshares set a $70.00 target price on Helmerich & Payne and gave the stock a “buy” rating in a research note on Tuesday, April 2nd. Citigroup restated a “buy” rating and issued a $25.00 target price on shares of Propetro in a research note on Tuesday, July 2nd. Finally, AltaCorp Capital restated a “sector perform” rating on shares of STEP Energy Services in a research note on Thursday, June 20th. Nine research analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $12.28.

Shares of RES stock opened at $6.64 on Friday. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 8.10, a price-to-earnings-growth ratio of 6.14 and a beta of 1.06. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.53 and a quick ratio of 2.77. The stock has a fifty day moving average price of $7.23. RPC has a 1 year low of $6.52 and a 1 year high of $17.24.

RPC (NYSE:RES) last issued its earnings results on Wednesday, April 24th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.05). The firm had revenue of $334.70 million during the quarter, compared to analysts’ expectations of $351.95 million. RPC had a return on equity of 11.99% and a net margin of 7.57%. The business’s revenue was down 23.3% on a year-over-year basis. During the same quarter last year, the business earned $0.24 EPS. Equities analysts predict that RPC will post 0.18 earnings per share for the current year.

Several large investors have recently bought and sold shares of RES. Marshall Wace North America L.P. acquired a new stake in shares of RPC during the 1st quarter valued at about $25,000. Amalgamated Bank acquired a new stake in shares of RPC during the 4th quarter valued at about $114,000. LPL Financial LLC grew its position in shares of RPC by 26.6% during the 4th quarter. LPL Financial LLC now owns 12,756 shares of the oil and gas company’s stock valued at $126,000 after acquiring an additional 2,680 shares during the period. Great West Life Assurance Co. Can grew its position in shares of RPC by 85.8% during the 4th quarter. Great West Life Assurance Co. Can now owns 13,984 shares of the oil and gas company’s stock valued at $129,000 after acquiring an additional 6,459 shares during the period. Finally, Raymond James & Associates grew its position in shares of RPC by 31.0% during the 4th quarter. Raymond James & Associates now owns 13,130 shares of the oil and gas company’s stock valued at $130,000 after acquiring an additional 3,110 shares during the period. Hedge funds and other institutional investors own 31.96% of the company’s stock.

About RPC

RPC, Inc, through its subsidiaries, 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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