Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of oil-field service and equipment provider RPC
So what: There were rumors swirling that Patterson-UTI
Now what: This rumor has already been put to rest for today, but this may be a good time to reevaluate RPC's shares. The company's unconventional oil drilling business is its current driver and may be attractive to potential buyers or long-term investors right now. Unconventional oil plays are hot in the U.S., and RPC's shares are trading at just 7 times forward earnings, a great price in this market.
I have enough confidence to give the company a green thumb on My CAPS board in a bet the company will outperform the market.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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