Iberia analyst Blaise Angelico added RPC, Inc to the Conviction List saying it remains convinced the company is positioned to outperform and gain share through the downturn and beyond. The analyst expects earnings power to set new highs in the next cycle and maintains its Outperform rating and $20 price target.

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."