RPC, Inc. (RES) Stock Down After Price Target Increase at FBR & Co

RPC, Inc. (NYSE: RES) shares were down in early trading today on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock, increasing the price target of stock.

Meanwhile, U.S. stocks edged lower Monday, with major indexes retreating from record levels.

The Dow Jones Industrial Average DJIA, -0.31% fell 48 points, or 0.2%, to 19,916, while the S&P 500 index SPX, -0.29% lost 5 points to 2,272, a drop of 0.2%. The Nasdaq Composite Index COMP, -0.03% rose 4 points to 5,529, a gain of about 0.1%.

RPC, Inc. (NYSE: RES) had its price target raised by equities researchers at FBR & Co from $20.00 to $24.00. FBR & Co currently has a rating of Outperform on the shares. The one-year price target of $19.58 is a decrease compared to the opening price of $21.44, resulting a fair amount of other analysts to comment on the company recently. Looking back over the last 52 weeks, RPC, Inc. stock has a high of $22.28.

Yesterday RPC, Inc. (NYSE: RES) shares last traded at $21.17, a dip of $0.37 compared to the previous closing price. Opening at $21.44, they fluctuated from $21.09 and $21.44 throughout the day.

RPC, Inc. (NYSE: RES) currently has a market cap of 4.60B.

RPC, Inc. (NYSE: RES) Average Daily Trading Volume

149,165 shares traded hands yesterday, 89 percent below the norm, out of a total float 67,701,000. lower than normal. Look for trading volume to pick up in the coming days as investors often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.

As with all potential breakouts, investors look for volume to be at least 40%-50% higher than normal on the breakout to show that fund managers and other professional investors are jumping in.

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

Institutional investors such as these have substantial teams of analysts researching thousands of stocks, so it is good corroboration to see them buying a stock you’re researching.

RPC, Inc. (NYSE: RES) Moving Averages

A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.

This is because the average acts like a floor (support), so the price bounces up off of it.

In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.

By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.

Trades for RPC, Inc. (NYSE: RES) have ranged from $9.73 – 22.28, and the stock now has a 50-day MA of $20.05 and 200-day MA of $16.96. Today’s last price is 4.98%% lower than the 52 week high of $22.28.

Earnings growth is an important factor to research when investing in stocks and investors identify companies that have raised their earnings by at least 25% for 3 consecutive years.

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