The Citigroup Inc. Increases RPC Inc. (RES) Price Target to $19.00

The Citigroup Inc. Increases RPC Inc. (RES) Price Target to $19.00

RPC Inc. (NYSE:RES) had its price objective boosted by equities research analysts at Citigroup Inc. from $16.00 to $19.00 in a research note issued on Tuesday. The firm presently has a “neutral” rating on the stock. Citigroup Inc.’s price target would indicate a potential upside of 4.45% from the stock’s current price.

A number of other research analysts also recently commented on the stock. Seaport Global Securities reaffirmed a “reduce” rating on shares of RPC in a research report on Wednesday, September 28th. Nomura reaffirmed a “hold” rating and issued a $14.00 target price on shares of RPC in a research report on Thursday, September 22nd. Finally, GMP Securities raised shares of RPC from a “reduce” rating to a “hold” rating in a research report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $14.87.

RPC (NYSE:RES) opened at 18.19 on Tuesday. The stock’s market cap is $3.96 billion. The firm has a 50-day moving average of $15.92 and a 200-day moving average of $15.05. RPC has a 12-month low of $9.73 and a 12-month high of $18.50.

RPC (NYSE:RES) last posted its earnings results on Wednesday, July 27th. The company reported ($0.23) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.23). The firm had revenue of $143 million for the quarter, compared to the consensus estimate of $149.41 million. RPC had a negative net margin of 17.29% and a negative return on equity of 16.53%. The company’s revenue was down 51.9% on a year-over-year basis. During the same period last year, the firm posted ($0.16) EPS. Equities analysts predict that RPC will post ($0.77) earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in RES. BNP Paribas Arbitrage SA boosted its stake in shares of RPC by 27.5% in the third quarter. BNP Paribas Arbitrage SA now owns 6,118 shares of the company’s stock valued at $103,000 after buying an additional 1,319 shares during the period. Pacer Advisors Inc. bought a new stake in shares of RPC during the second quarter valued at approximately $107,000. Glenmede Trust Co. NA boosted its stake in shares of RPC by 1.2% in the second quarter. Glenmede Trust Co. NA now owns 9,106 shares of the company’s stock valued at $141,000 after buying an additional 106 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of RPC by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 9,093 shares of the company’s stock valued at $141,000 after buying an additional 1,103 shares during the period. Finally, Raymond James & Associates bought a new stake in shares of RPC during the second quarter valued at approximately $155,000. Hedge funds and other institutional investors own 34.92% of the company’s stock.

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