RPC, Inc (RES)

[OilStockReport]

RES making a come back.... Looks like it will be a good buy as well.

RPC Inc. (RES) derives 48% of its business from pressure pumping. On April 27th, RES reported earnings. Year over year revenue increased 79.1%. Net income increased 389%. Diluted EPS increased to 45 cents per share as opposed to 9 cents per share the first quarter of 2010. RES stated its record numbers for the first quarter of 2011 were helped by several variables:

27.6% increase in US land rig count over the past year
20.5% increase in the price of oil over the past year
36.2% increase in unconventional drilling the past year
RES states they will continue to invest in expanding its pressure pumping business. Technical Services increased revenues by 82.5%. This segment is associated with pressure pumping and other services used to increase and maintain flow through the well. EBITDA per basic share increased by 165.8%. RES's earnings per share was 45 cents, compared to 42 cents estimated. RES has had 5 upward revisions in the past 30 days.