Oilfield services firm RPC Q3 revenue beats analyst expectations
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RPC's Q3 revenue rose 6% to $447.1 million, surpassing analyst expectations. Adjusted EPS was $0.09, exceeding estimates. However, the company anticipates challenges in Q4 due to lower oil prices and holiday slowdowns. RPC plans cost reductions and prudent investments amid market headwinds. Revenue from pressure pumping and coiled tubing increased significantly, while demand for downhole tools remained strong. Analysts maintain a 'hold' rating on RPC shares, with a median 12-month price target of $5.50, reflecting a 9.1% upside from its recent closing price.
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