Three Directors at RPC Inc sold 161,253 shares at 10.451USD. The significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Weakening Dollar, Strengthening Commodities We continue to see increasingly more reasons to be bullish than not, and we believe the path of least resistance is higher for US equities. We also continue to recommend a “buy the dip†strategy. Below we outline new developments, including more signs that the US dollar is rolling over, bullish developments for gold & gold miners, and major breakouts for the Consumer Discretionary Sector. • Weak Dollar, Strong Commodity. The US dollar (DXY) con...
Falling oil prices over the past several months have pushed oilfield service stocks into very cheap territory. West Texas Intermediate crude has fallen from over $65/bbl in late April to about $51/bbl today, below our midcycle forecast of $55/bbl. Our median covered oilfield service company is trading at a 20% discount to fair value. Valuations look about as cheap as they did last December, when many names breached 15-plus year lows. For oilfield service companies, we think the market is pricin...
Falling oil prices over the past several months have pushed oilfield service stocks into very cheap territory. West Texas Intermediate crude has fallen from over $65/bbl in late April to about $51/bbl today, below our midcycle forecast of $55/bbl. Our median covered oilfield service company is trading at a 20% discount to fair value. Valuations look about as cheap as they did last December, when many names breached 15-plus year lows. For oilfield service companies, we think the market is pricin...
We are reducing our fair value estimate for RPC to $11.25 from $13.50 owing to reduced expectations across the company's business lines. Our no-moat rating is unchanged. First, we are reducing our expectations for the pressure-pumping business, which is in the technical services segment and accounted for 55% of RPC's 2018 revenue. We now expect pressure pumping to generate $145 in annual operating income per fleet horsepower at midcycle (2023), down from $180 previously. For reference, we think...
RPC is among the highest-quality oilfield-services companies. During the cycle heights of 2010-14, the company bested nearly every peer in terms of ROIC, including SLB, HAL, and BHI. Although the downturn of 2015-16 put severe pressure on RPC’s profitability, particularly due to the company’s focus on pressure pumping, the weakest performing oilfield services sub-sector, RPC returned to strong economic profits in 2018 as activity recovered. However, investors should take care not to value RP...
We are reducing our fair value estimate for RPC to $11.25 from $13.50 owing to reduced expectations across the company's business lines. Our no-moat rating is unchanged. First, we are reducing our expectations for the pressure-pumping business, which is in the technical services segment and accounted for 55% of RPC's 2018 revenue. We now expect pressure pumping to generate $145 in annual operating income per fleet horsepower at midcycle (2023), down from $180 previously. For reference, we thin...
RPC had a terrible first quarter, with revenue decreasing 11% sequentially and adjusted operating margin falling to negative 2% from 5% previously, the worst result since the fourth quarter of 2016. The bulk of the top-line decrease was accounted for by a 19% drop in pressure pumping revenue. Non-pressure pumping revenue was down just about 3%, in line with U.S. shale activity levels. RPC doesn't report bottom-line results by business line, but assuredly, most of the drop in operating income was...
RPC had a terrible first quarter, with revenue decreasing 11% sequentially and adjusted operating margin falling to negative 2% from 5% previously, the worst result since the fourth quarter of 2016. The bulk of the top-line decrease was accounted for by a 19% drop in pressure pumping revenue. Non-pressure pumping revenue was down just about 3%, in line with U.S. shale activity levels. RPC doesn't report bottom-line results by business line, but assuredly, most of the drop in operating income was...
We're lowering our fair value estimate for U.S. land-focused service firm RPC to $13.50 from $14.50 previously. The lower fair value estimate is chiefly owing to a more negative near-term outlook, particularly for the company's pressure pumping business (which accounted for 55% of RPC's revenue in 2018). Our no-moat rating remains in place. After experiencing a rapid recovery in early 2017, RPC's profitability has fallen sharply in 2018. The Technical Services segment (accounting for approximat...
We're lowering our fair value estimate for U.S. land-focused service firm RPC to $13.50 from $14.50 previously. The lower fair value estimate is chiefly owing to a more negative near-term outlook, particularly for the company's pressure pumping business (which accounted for 55% of RPC's revenue in 2018). Our no-moat rating remains in place. After experiencing a rapid recovery in early 2017, RPC's profitability has fallen sharply in 2018. The Technical Services segment (accounting for approximat...
We're lowering our fair value estimate for U.S. land-focused service firm RPC to $13.50 from $14.50 previously. The lower fair value estimate is chiefly owing to a more negative near-term outlook, particularly for the company's pressure pumping business (which accounted for 55% of RPC's revenue in 2018). Our no-moat rating remains in place. After experiencing a rapid recovery in early 2017, RPC's profitability has fallen sharply in 2018. The Technical Services segment (accounting for approximate...
RPC was hit with negative fourth-quarter results due to industry headwinds affecting its pressure-pumping business. Revenue fell 14% sequentially, almost entirely due to a 23% fall in pressure-pumping revenue (which had accounted for 58% of total company revenue in the third quarter). Adjusted operating margins fell to 5% from 13% sequentially, owing chiefly to operating leverage in the pressure-pumping business as well as modest (management estimated 2%) pricing declines. Our fair value estimat...
RPC was hit with negative fourth-quarter results due to industry headwinds affecting its pressure-pumping business. Revenue fell 14% sequentially, almost entirely due to a 23% fall in pressure-pumping revenue (which had accounted for 58% of total company revenue in the third quarter). Adjusted operating margins fell to 5% from 13% sequentially, owing chiefly to operating leverage in the pressure-pumping business as well as modest (management estimated 2%) pricing declines. Our fair value estimat...
RPC is among the highest-quality oilfield-services companies. During the cycle heights of 2010-14, the company bested nearly every peer in terms of ROIC, including SLB, HAL, and BHI. Although the downturn of 2015-16 put severe pressure on RPC’s profitability, particularly due to the company’s focus on pressure pumping, the weakest performing oilfield services sub-sector, RPC returned to strong economic profits in 2018 as activity recovered. However, the company’s quality has not gone unnot...
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