RPC Inc gains as higher oil price lifts profits

RPC

26/10/2022 15:07

** Shares of oilfield services provider RPC Inc  RES.N  up
9.4% at $10.1, on pace for highest level since June
    ** RES reported Q3 profit per share of 32 cents vs estimates
of 22 cents, on revenue of $459.6 mln vs estimates of $397.1 mln
    ** Results reflect higher commodity prices supporting
customers' decisions to enhance their drilling and completion
activities - CEO Ben Palmer  urn:newsml:reuters.com:*:nPn6PS3pVa
    ** Larger OFS rivals Halliburton Co  HAL.N , Schlumberger
 SLB.N  also beat Wall Street estimates on rising drilling
demand  urn:newsml:reuters.com:*:nL4N31Q2KG  urn:newsml:reuters.com:*:nL4N31M28D
    ** RES beat EPS estimates for nine out of last 10 quarters
    ** One of six brokerages covering the stock rate it at
"buy", four "hold" and one "sell"; median PT $8.75
    ** Up to Tuesday's close, RES had risen 103.3% YTD
 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))