RPC (RES) is Upgraded by Seaport Global Securities to Neutral, Raises Price Target to $ 17

RPC (RES) was Upgraded by Seaport Global Securities to ” Neutral” according to the research note released today. The brokerage firm has raised the Price Target to $ 17 from a previous price target of $14 . Earlier the firm had a rating of “Reduce ” on the company shares. Seaport Global Securities advised their investors in a research report released on Oct 4, 2016.

On the company’s financial health, RPC reported $-0.23 EPS for the quarter, based on the information available during the earnings call on Jul 27, 2016. Analyst had a consensus estimate of $-0.23. The company had revenue of $143.00 million for the quarter, compared to analysts expectations of $151.40 million. The company’s revenue was down -51.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.16 EPS.

RPC opened for trading at $16.62 and hit $16.92 on the upside on Friday, eventually ending the session at $16.8, with a gain of 2.19% or 0.36 points. The heightened volatility saw the trading volume jump to 21,30,847 shares. Company has a market cap of $3,655 M.

In a different news, on Jun 6, 2016, Richard A Hubbell (President and CEO) sold 100,000 shares at $15.80 per share price. According to the SEC, on Nov 9, 2015, James A Jr Lane (director) sold 30,000 shares at $12.40 per share price.

RPC Inc. (RPC) is an oilfield services holding company. The Company provides a specialized oilfield services and equipment to independent and oil and gas companies engaged in the exploration production and development of oil and gas properties. The services and equipment provided include pressure pumping services downhole tool services coiled tubing services snubbing services nitrogen services the rental of drill pipe and other specialized oilfield equipment and well control. The Company’s service lines include two segments in oil and gas services business segments: Technical Services and Support Services. RPC acts as a holding company for its operating units Cudd Energy Services Patterson Rental and Fishing Tools Bronco Oilfield Services Thru Tubing Solutions Well Control School and others.


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