Why RPC Stock Dived by Nearly 12% Today
There wasn't much energy behind the stock of oilfield services and equipment company (NYSE: RES) on Hump Day. Its equity lost almost 12% of its value, following news that a long-serving executive -- who happens to be its leader -- is departing the company.
Just after market close on Tuesday, RPC announced that CEO Ben Palmer is retiring from the company. In doing this he will relinquish his twin roles as President and CEO, plus his seat on its board of directors. His departure will occur before the end of this year.
Image source: Getty Images.
Source Fool.com
RPC Inc. Stock
€4.90
-2.970%
With 2 Buy predictions and 1 Sell predictions the community is currently undecided on RPC Inc..
On the other hand, the target price of 3 € is below the current price of 4.9 € for RPC Inc., so the potential is actually -38.78%.
