Why RPC Stock Is Slumping Today
Shares of RPC (NYSE: RES) declined as much as 10.5% by 11 a.m. EDT on Wednesday. The main driver of the slide in the oil and gas service company's stock was its lackluster second-quarter earnings report.
RPC's revenue plunged 23% year over year during the second quarter, to $358.5 million. Several factors impacted results, including lower pricing and activity levels, as well as an unfavorable materials mix within the company's pressure pumping service line. Because of that, earnings declined from $0.28 per share in the year-ago period to $0.03 per share, missing analysts' expectations by $0.02.
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