RPC (NYSE:RES) has been given a $28.00 price objective by stock analysts at SunTrust Banks in a research note issued to investors on Monday. The brokerage presently has a “buy” rating on the oil and gas company’s stock. SunTrust Banks’ price objective suggests a potential upside of 51.76% from the company’s previous close.
Other analysts have also recently issued reports about the stock. BMO Capital Markets reduced their target price on shares of RPC from $29.00 to $27.00 and set an “outperform” rating for the company in a research note on Thursday, January 25th. Jefferies Group reissued a “hold” rating and issued a $19.00 price target on shares of RPC in a research report on Wednesday, April 4th. Cowen reissued a “hold” rating and issued a $19.00 price target on shares of RPC in a research report on Friday. Guggenheim set a $25.00 price target on shares of RPC and gave the company a “buy” rating in a research report on Monday, January 29th. Finally, Wells Fargo reissued a “market perform” rating on shares of RPC in a research report on Friday, January 12th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $23.75.
NYSE RES opened at $18.45 on Monday. The company has a market capitalization of $3,939.95, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 0.62 and a beta of 0.83. RPC has a 12-month low of $16.70 and a 12-month high of $27.07.
RPC declared that its Board of Directors has initiated a share buyback program on Monday, February 12th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.
Hedge funds have recently made changes to their positions in the stock. Gotham Asset Management LLC bought a new position in RPC during the fourth quarter worth $1,488,000. Wells Fargo & Company MN increased its position in RPC by 135.4% during the third quarter. Wells Fargo & Company MN now owns 83,936 shares of the oil and gas company’s stock worth $2,081,000 after acquiring an additional 48,285 shares during the period. Cubist Systematic Strategies LLC bought a new position in RPC during the third quarter worth $290,000. Bank of Hawaii bought a new position in RPC during the fourth quarter worth $231,000. Finally, Copper Rock Capital Partners LLC increased its position in RPC by 3.6% during the fourth quarter. Copper Rock Capital Partners LLC now owns 1,645,244 shares of the oil and gas company’s stock worth $41,855,000 after acquiring an additional 57,072 shares during the period. 34.55% of the stock is currently 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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