Standpoint Research Downgrades RPC Inc. (RES) to Hold; Taking Profits After Recent Bounce

Standpoint Research downgraded RPC Inc. (NYSE: RES) from Buy to Hold.

Analyst, Ronnie Moas, said, "RPC Inc. shares have bounced 20% in the last three weeks and we think the shares may be a bit over-extended in the near-term with quite a bit of speculation built in. Our Feb-15 recommendation is now up 17.7% in a flat market. Quite a few things need to go right in order for RES to go higher from here and towards the split adjusted $14 target price we set for 2014-2015, namely a rebound in the Natural Gas price past $3.50...Our price target for 2014-2015 remains $14 but given the current situation and recent share price move, we can no longer leave our highest recommendation attached to this name."

For an analyst ratings summary and ratings history on RPC Inc. click here. For more ratings news on RPC Inc. click here.

Shares of RPC Inc. closed at $10.90 yesterday.

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