RPC Upgraded to BUY

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Following third quarter earnings from RPC, Inc (RES), Canaccord Genuity analyst Scott Burk upgraded his rating on the company to BUY from HOLD. Mr. Burk said:

“Under performance [of the stock] makes it attractive. RES hasn’t participated in the rebound of the last month, while its peers (excluding Complete Production Services (CPX)) are up ~30%. Year to date, the stock is up 4.5%, making it the cheapest in the sector. An acquisition still possible. Notwithstanding, there is a lack of near-term catalysts. Other than potentially being acquired, we see few near-term upside catalysts for the stock.”

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