RPC -8% as expectations were too bullish

RPC (RES -8.1%) shares are sharply lower after the oilfield service company reported Q4 earnings that fell 32% Y/Y and fell short of expectations.

Demand for services was strong but pricing was lower than expected and led to the drop in profits; margins were lower than expected, and the outlook for Q1 indicates only modest improvement

Investor expectations were too bullish, Cowen analysts say; while major downside to estimates following the revision isn't expected, oversupply likely will keep a lid on pricing improvement for an extended period (Briefing.com).

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