RPC, Inc. (RES) Short Interest Up 11.6% in April

RPC, Inc. (NYSE:RES) was the target of a significant increase in short interest in April. As of April 13th, there was short interest totalling 33,688,688 shares, an increase of 11.6% from the March 31st total of 30,187,954 shares. Based on an average trading volume of 2,652,211 shares, the days-to-cover ratio is presently 12.7 days. Approximately 58.2% of the shares of the stock are short sold.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RES. Flinton Capital Management LLC increased its position in shares of RPC by 86.9% in the first quarter. Flinton Capital Management LLC now owns 7,296 shares of the oil and gas company’s stock valued at $134,000 after buying an additional 3,392 shares during the period. Elkfork Partners LLC purchased a new position in shares of RPC during the fourth quarter valued at approximately $164,000. Canada Pension Plan Investment Board purchased a new position in shares of RPC during the third quarter valued at approximately $170,000. Meadow Creek Investment Management LLC increased its position in shares of RPC by 86.9% in the first quarter. Meadow Creek Investment Management LLC now owns 10,032 shares of the oil and gas company’s stock valued at $184,000 after buying an additional 4,664 shares during the period. Finally, Pacer Advisors Inc. increased its position in shares of RPC by 22.0% in the first quarter. Pacer Advisors Inc. now owns 10,144 shares of the oil and gas company’s stock valued at $186,000 after buying an additional 1,830 shares during the period. Institutional investors and hedge funds own 37.31% of the company’s stock.

Several equities research analysts recently commented on the company. Jefferies Group LLC set a $26.00 price target on RPC and gave the company a “buy” rating in a report on Wednesday. Zacks Investment Research raised RPC from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a report on Wednesday, March 15th. Stephens raised RPC from an “underweight” rating to an “equal weight” rating in a report on Wednesday, January 25th. Susquehanna Bancshares Inc assumed coverage on RPC in a report on Wednesday, February 22nd. They issued a “neutral” rating and a $23.00 price target for the company. Finally, BMO Capital Markets initiated coverage on RPC in a report on Wednesday, April 12th. They issued an “outperform” rating and a $24.00 price target for the company. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $23.00.

Shares of RPC (NYSE:RES) opened at 20.03 on Friday. The stock’s market capitalization is $4.36 billion. The firm’s 50-day moving average price is $18.44 and its 200-day moving average price is $19.43. RPC has a one year low of $13.50 and a one year high of $23.36.

RPC (NYSE:RES) last released its quarterly earnings results on Wednesday, April 26th. The oil and gas company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $298.12 million for the quarter, compared to the consensus estimate of $273.35 million. RPC had a negative net margin of 19.38% and a negative return on equity of 16.10%. RPC’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.15) EPS. Equities research analysts anticipate that RPC will post $0.56 EPS for the current fiscal year.

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About RPC

RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.

12 Month Chart for NYSE:RES

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