RPC Inc. (NYSE: RES) Price Target Raised at Citigroup Inc.

RPC Inc. (NYSE: RES) had its price target raised by equities researchers at Citigroup Inc. from $15.00 to $16.00. The company currently has a rating of Neutral on the shares. A number of other analysts have issued reports on the stock recently, and the company has earned a consensus one-year price target of $15.33, higher than the opening price of $15.10, a difference of 10.05 percent. RPC Inc. stock has a 52-week high of $16.84.

U.S. stocks finished higher on Monday as investor fears for an interest rate hike subsided after Federal Reserve Board Governor Lael Brainard urged caution about removing monetary stimulus too quickly.

The Dow Jones Industrial Average DJIA, +1.32% surged 239.62 points, or 1.3%, to close at 18,325.07, after jumping as high as 273 points.

The S&P 500 SPX, +1.47% rose 31.23 points, or 1.5%, to finish at 2,159.04, with all sectors closing in positive territory.

Meanwhile, the Nasdaq Composite Index COMP, +1.68% finished up 85.98 points, or 1.7%, at 5,211.89, propelled by a rally in biotechnology shares

Usually, after analysts publish an “initiating coverage” report on a stock, they will subsequently issue periodic updates.

Shares of RPC Inc. (NYSE: RES) opened at $15.10 yesterday and traded in a range between, $15.05 and $15.36, and last traded at $15.26, which represents a change of $ -0.08 over the previous closing price.

RPC Inc. (NYSE: RES) currently has a market cap of 3.32B

The stocks average daily volume is 1,534,860 shares out of a total float 69,558,000 of and some 2,122,513 shares crossed the trading desk yesterday, 82 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.

However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.

Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.

These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are researching.

By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.

With that in mind RPC Inc. (NYSE: RES) now has a 50-day MA is $15.16 and 200-day MA is $14.70, and it has traded in a 52-week range between $8.45 – 16.84 and today’s last price is -0.09 percent off the 52 week high of $16.84.

Earnings growth is an important factor toresearch when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

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