RPC (NYSE:RES) looks good for the next several quarters, says Canaccord, citing strong demand for Downhole Tools, rentals, Coiled Tubing and Pressure Pumping.
Canaccord says, "Following solid Q4 earnings, we are reiterating our BUY rating as we believe RES will continue to benefit from strong demand for pressure pumping, coiled tubing, and downhole tools and rentals for the next several quarters. We also like that RES continues to return cash to shareholders by increasing its dividend. We tweak our 2011 EPS estimate by 3 cents to $1.60 and roll out our 2012E EPS at $1.75. Our target price remains at $24.67, based on 5.7x and 14.1x 2012E EV/EBITDA and P/E."
Canaccord Genuity maintains a "Buy" rating on RPC Inc. (RES), which closed at $17.72, up $0.64, or 3.75 percent. Canaccord has a price target of $24.67 on RES.
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