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RES - RPC Will Keep Fleet Steady But Low Growth Can Hurt
RPC Inc.
RES Lacks Growth
At the start of Q3, RPC, Inc.'s (RES) management has turned slightly more optimistic. As the U.S. onshore activity moves past its worst, the company can now take an expansive view of the market and stabilize its pressure pumping fleet. With indications coming that production is likely to move up in the crucial Basins like the Permian, it may even add one fleet by the end of the year.
The pricing, on the other hand, will stay under pressure as the industry is plagued by several players offering unsustainably low prices for