| Over a week ago | ||||
Citi analyst Scott Gruber… Citi analyst Scott Gruber raised the firm's price target on RPC, Inc. to $3.50 from $3 and keeps a Sell rating on the shares. The analyst increased EBITDA forecasts in 2021 and 2022 on the higher exit point in Q4, but remains at Sell due to valuation. | ||||
| Over a month ago | ||||
Reports Q4 revenue… Reports Q4 revenue $148.64M, consensus $120.79M. The average U.S. domestic rig count during Q4 was 311, a 62.1% decrease compared to the same period in 2019, but a 22.4% increase compared to Q3. The average price of oil during Q4 was $42.62 per barrel, a 24.9% decrease compared to the same period in 2019, but a 4.4% increase compared to Q3. The average price of natural gas during the fourth quarter was $2.50 per Mcf, a 3.7% increase compared to the same period in 2019, and a 25% increase compared to Q3. "Our fourth quarter activity levels improved sequentially for the first time since 2016, consistent with several key oilfield metrics," stated Richard Hubbell, RPC's president and CEO. "The holiday slowdown this year was less pronounced as customers emphasized completing drilled but uncompleted wells before the end of the year. | ||||
Piper Sandler analyst Ian… Piper Sandler analyst Ian Macpherson raised the firm's price target on RPC, Inc. to $3.25 from $3.10 and keeps a Neutral rating on the shares. With Q4 completions momentum "tracking positively," the analyst nudged up estimates for the pressure pumpers. However, the analyst sees group valuations as "fair-to-full" on 2022 estimates. | ||||
Citi analyst Scott Gruber… Citi analyst Scott Gruber raised the firm's price target on RPC, Inc. to $3 from $2.20 and keeps a Sell rating on the shares. | ||||
| Over a quarter ago | ||||
Catch up on today's… Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Ralph Lauren (RL) downgraded to Neutral from Buy at BofA with analyst Heather Balsky saying the company's sales recovery is being slowed by the strategic actions being taken to clean up its U.S. distribution and promotional depth during the pandemic. 2. Ballard Power (BLDP) downgraded to Neutral from Buy at H.C. Wainwright with analyst Amit Dayal saying production ramping at the Weichai joint venture plant is likely to be partly dependent on regulatory policy framework for new energy vehicles in China and Ballard is also facing near-term margin pressure as higher level of fixed cost overheads are not being effectively absorbed at current volume levels. 3. Voyager Therapeutics (VYGR) downgraded to Equal Weight from Overweight at Wells Fargo and double downgraded to Outperform from Strong Buy at Raymond James. 4. RPC, Inc. (RES) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Connor Lynagh saying he sees RPC being "increasingly challenged" by muted market dynamics. 5. First Solar (FSLR) double downgraded to Underperform from Outperform at Raymond James with analyst Pavel Molchanov saying Biden's stance on trade, as well as climate change, suggests that his administration will reduce or even repeal Trump-era tariffs that are making imported modules more expensive. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. | ||||
Morgan Stanley analyst… Morgan Stanley analyst Connor Lynagh downgraded his Oil Field Services industry view to In-Line from Attractive as he believes the combination of high excess capacity in both oil and oil services markets, along with an uncertain outlook for demand in the longer-term for oil and gas, makes industry-wide outperformance unlikely in the near-term. It appears to him that the market is anticipating a meaningful activity and pricing recovery and he thinks valuations in the group are best described as "defensible, but not cheap," Lynagh tells investors. In this context, he made several changes this morning to his preferences in the group, as Lynagh downgraded National Oilwell (NOV) to Underweight, downgraded RPC, Inc. (RES) to Underweight, downgraded Cactus (WHD) to Equal Weight and upgraded Core Laboratories (CLB) to Overweight, as previously reported. | |
As previously reported,… As previously reported, Morgan Stanley analyst Connor Lynagh downgraded RPC, Inc. to Underweight from Equal Weight with a $2.50 price target in a broader note in which he refreshed his preferences among Oil Services, Drilling and Equipment stocks. He see RPC being "increasingly challenged" by muted market dynamics, said Lynagh, who has also downgraded his Oil Field Services industry view to In-Line as he believes the combination of high excess capacity in both oil and oil services markets, along with an uncertain demand in the longer-term for oil and gas, makes industry-wide outperformance unlikely in the near-term. | |
Morgan Stanley analyst… Morgan Stanley analyst Connor Lynagh downgraded RPC, Inc. to Underweight from Equal Weight with a $2.50 price target. | |
Reports Q3 revenue… Reports Q3 revenue $116.59M, consensus $96.09M. "We are pleased U.S. oilfield activity has improved in recent months from the historic lows recorded in the second quarter," stated Richard A. Hubbell, RPC's president and CEO. "RPC capitalized on the increased activity with equipment and crews that were in place and prepared to work. Our operating losses narrowed due to higher revenue, increased utilization, and continued diligent expense management. | |
Reports Q2 revenue… Reports Q2 revenue $89.3M, consensus $102.09M. "The average U.S. domestic rig count during the second quarter of 2020 was 392, a 60.4 percent decrease compared to the same period in 2019, and a 50.1 percent decrease compared to the first quarter of 2020," stated Richard Hubbell, RPC's President and CEO. "The average price of oil during the second quarter was $27.32 per barrel, a 54.4 percent decrease compared to the same period in 2019, and a 42.2 percent decrease compared to the first quarter of 2020. The average price of natural gas during the second quarter was $1.71 per Mcf, a 33.5 percent decrease compared to the same period in 2019, and a 10.9 percent decrease compared to the first quarter of 2020. U.S. oilfield drilling activity during the second quarter of 2020 declined to historic lows, and we believe completion activity declined at an even greater rate. RPC's revenues declined at a greater rate than the rig count due to our exposure to the completions market and continued pronounced weakness in pressure pumping. As we begin the third quarter, we believe domestic oilfield activity has passed the trough. While we anticipate industry activity will modestly increase during the second half of 2020, we are unsure whether this is the start of a sustained recovery. As a result, RPC will continue to focus on cost management, pricing discipline and capital expenditure controls. We are pleased to report a cash balance of $145.4 million at the end of the second quarter, an increase of $62.8 million compared to the end of the first quarter. Our cash balance is a result of effective working capital and capital expenditure management. We are fortunate to be in a strong financial position as we navigate this difficult environment," concluded Hubbell. |