RPC, Inc. price target lowered to $4 from $5 at Piper Sandler

Piper Sandler lowered the firm’s price target on RPC, Inc. (RES) to $4 from $5 and keeps an Underweight rating on the shares. The firm says that after hearing from a number of companies representing drilling, completion, production, and power across NAM, International, and Offshore over the past month, “ultimately the OIH ended up…flat.” A fitting result given the number of crosscurrents impacting the market as the industry continues to navigate the current oil price shock, including U.S. Land deflation/sticky production, international deceleration, and a mixed Offshore picture, Piper adds.