Why RPC Stock Dived by Nearly 12% Today
Key Points
Ben Palmer had served in several crucial roles since joining RPC in 1996.
He's stepping down at a crucial time for the broader oil industry.
- 10 stocks we like better than Rpc ›
There wasn't much energy behind the stock of oilfield services and equipment company RPC (NYSE: RES) on Hump Day. Its equity lost almost 12% of its value, following news that a long-serving executive -- who happens to be its leader -- is departing the company.
Major move in the C-Suite
Just after market close on Tuesday, RPC announced that CEO Ben Palmer is retiring from the company. In doing this he will relinquish his twin roles as President and CEO, plus his seat on its board of directors. His departure will occur before the end of this year.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks »
Image source: Getty Images.
RPC said the board had initiated a formal search for Palmer's replacement. It has drated an executive search firm to aid it in this effort. After a new leader is found, the outgoing CEO will serve in an advisory role at the company, in order to effect a smooth transition.
Palmer ascended to the CEO chair in 2022, and has been at RPC since 1996. Prior to his appointment as the company's leader he served as its CFO and treasurer.
A man who'll be missed
In the press release announcing Palmer's move, RPC credited him for helping to push the company into higher-margin services, expanding its presence in the massive Permian Basin energy play, and delivering long-term shareholder value, not to mention bottom-line profitability.
With those kinds of achievements, it's little wonder that shareholders effectively mourned Palmer's exit by selling out of the stock -- particularly at a busy and occasionally volatile time for the oil industry.
While this knee-jerk reaction is understandable to an extent, I don't think RPC stock deserved the heavy sell-off it endured on Wednesday. It looks that much more attractive at a discount.
Should you buy stock in Rpc right now?
Before you buy stock in Rpc, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Rpc wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $392,713!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,227,782!*
Now, it’s worth noting Stock Advisor’s total average return is 897% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of June 24, 2026.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Recommended Articles
