Today's noteworthy downgrades include: Apollo Investment (AINV) downgraded to Hold from Buy at Cantor... CNOOC (CEO) downgraded to Reduce from Hold at HSBC... ECA Marcellus (ECT) downgraded to Underperform from Market Perform at Raymond James... Endo (ENDP) downgraded to Equal Weight on growth uncertainty at Morgan Stanley... Freeport McMoRan (FCX) downgraded to Neutral from Buy at Citi... Gladstone Capital (GLAD) downgraded to Hold from Buy at Cantor... Patterson-UTI (PTEN) downgraded to Market Perform from Outperform at Wells Fargo... Pioneer Energy (PES) downgraded to Market Perform from Outperform at Wells Fargo... RPC, Inc. (RES) downgraded to Market Perform from Outperform at Wells Fargo... Siliconware Precision (SPIL) downgraded to Hold from Buy at BNP Paribas... Virtus Investment (VRTS) downgraded to Sell from Hold at Sandler O'Neill.

Reports Q1 revenue $200.24M, consensus $204.83M.

Reports Q1 revenue $377.83M, consensus $390.92M. "Our results reflected a modestly weaker oilfield services activity environment with continued competitive pressures," stated Ben Palmer, RPC's president and CEO. "Our first quarter pressure pumping activity and utilization were below the fourth quarter. Pumping industry capacity remains high, particularly in the Permian, with bidding results and pricing conversations indicating a highly competitive market. We are optimistic that if current oil price momentum holds, our customers would steadily increase activity in the second half of 2024. Looking further out, as large E&P consolidation transactions close and non-core assets are potentially divested, development of this acreage could provide demand tailwinds."