Dahlman Rose maintains its Hold rating on RPC RES and lowers its price target to $14 from $17 as it revises estimates down on Chesapeake exposure and potential crowding out.
Dahlman Rose says, "We are reducing our EPS estimates by 5% due to the near-term impact of Chesapeake transitioning from gas to liquids basins, the potential impact of a Chesapeake subsidiary developing its own fracturing division, and reports of mixed
fracturing pricing in the Permian."
RES closed at $14.96 a share on Thursday.
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