Watch for Continued Gains in Shares of RPC (RES)
Shares of RPC (NYSE:RES) traded today at $19.08, breaking its 52-week high. Approximately 191,000 shares have changed hands today, as compared to an average 30-day volume of 1.9 million shares.
Based on a current price of $18.99, RPC is currently 35.5% above its average consensus analyst price target of $12.25. The stock should find initial support at its 50-day moving average (MA) of $14.14 and further support at its 200-day MA of $12.25.
RPC, Inc. provides specialized oilfield services and equipment to independent and major oilfield companies. The Company's services include snubbing services, coiled tubing services, pressure pumping services, marine services, firefighting and well control, and rental of drill pipe and other equipment.
In the past 52 weeks, RPC share prices have been bracketed by a low of $8.45 and a high of $19.08 and are now at $18.99, 125% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.6%.
SmarTrend recommended that subscribers consider buying shares of RPC on May 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.71. Since that recommendation, shares of RPC have risen 26.8%. We continue to monitor RES for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.