Piper Sandler Lowers PT on RPC, Inc (RES), Maintains an Underweight Rating

RPC, Inc. (NYSE:RES) is one of the Most Oversold Penny Stocks to Buy Now. On August 14, Piper Sandler lowered the firm’s price target on RPC, Inc. (NYSE:RES) from $5 to $4, while maintaining an Underweight rating on the stock.

The firm noted that they talked with many companies dealing in drilling, completion, production, and power across North America and in the international market. The discussion with these companies revealed that the Oilfield Services and Equipment sector remains flat due to many conflicting market factors. Moreover, the industry is also dealing with the oil price shock in an environment characterised by deflation and sticky production in US land markets. The firm notes that as a result of these persisting challenges, the future of RPC, Inc. (NYSE:RES) and the overall sector remains uncertain; thus, Piper Sandler remains cautious.

RPC, Inc. (NYSE:RES) provides specialized oilfield services and equipment. It serves companies exploring and producing oil and gas in the US and some international markets.

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Disclosure: None. This article is originally published at Insider Monkey.