Slightly Lowering RPC FVE on Diminished Expectations for Pressure Pumping Business
We're lowering our fair value estimate for RPC to $14.50 per share from $15 owing to diminished expectations for the pressure pumping business, which constitutes about 60% of company revenue. Our no-moat rating remains in place.ÂOur lowered expectations for RPC's pressure pumping business reflect this business' unremarkable financial performance compared with peers in recent quarters. In the third quarter of 2017, when we estimate RPC's pressure pumping operating margins hit 26% and operating i...
RPC is a holding company for several oilfield services companies. The company provides oilfield services and equipment to oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the U.S., including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets. The services provided are: Technical Services, which include pressure pumping, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline services, and fishing; and Support Services, which include rental tools, oilfield pipe inspection services, well control school and energy personnel international.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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