UPDATE: Gabelli & Company Downgrades RPC to Hold on Valuation

Gabelli & Company reduced its rating on RPC (NYSE: RES) from Buy to Hold following share appreciation after the company's latest earnings report.

Gabelli & Company commented, "RPC's stock has risen 16% since reporting better than expected earnings on July 26. RPC's second quarter revenue and margins held up better than expected as equipment migrated to more active basins and lower material and supply costs due to a changing job mix partially offset weaker pricing and inefficiencies from equipment mobilization."

RPC closed at $13.45 on Tuesday.

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