RPC (RES) Shares Down 6.2%

RPC, Inc. (NYSE:RES) shares traded down 6.2% during trading on Friday . The stock traded as low as $18.10 and last traded at $18.12. 1,947,698 shares traded hands during trading, a decline of 1% from the average session volume of 1,965,696 shares. The stock had previously closed at $19.31.

Several research analysts have commented on the stock. B. Riley set a $27.00 price objective on shares of RPC and gave the company a “hold” rating in a report on Wednesday, January 24th. Credit Suisse Group lowered their price target on shares of RPC from $25.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. BMO Capital Markets lowered their price target on shares of RPC from $29.00 to $27.00 and set an “outperform” rating for the company in a report on Thursday, January 25th. Zacks Investment Research raised shares of RPC from a “hold” rating to a “strong-buy” rating and set a $29.00 price target for the company in a report on Thursday, January 4th. Finally, Wells Fargo lowered their price target on shares of RPC from $27.00 to $25.00 and set a “market perform” rating for the company in a report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $24.85.

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The firm has a market cap of $4,406.15, a P/E ratio of 24.16, a PEG ratio of 0.68 and a beta of 0.73.

RPC (NYSE:RES) last announced its quarterly earnings data on Wednesday, January 24th. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.16). The firm had revenue of $427.30 million during the quarter, compared to the consensus estimate of $515.04 million. RPC had a return on equity of 16.90% and a net margin of 10.19%. The firm’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.10) EPS. research analysts anticipate that RPC, Inc. will post 1.65 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Shareholders of record on Friday, February 9th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $0.40 annualized dividend and a yield of 2.21%. This is an increase from RPC’s previous quarterly dividend of $0.07. RPC’s dividend payout ratio (DPR) is presently 53.33%.

RPC announced that its Board of Directors has initiated a stock buyback program on Monday, February 12th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the oil and gas company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its stake in RPC by 7.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock worth $132,000 after purchasing an additional 459 shares during the last quarter. California Public Employees Retirement System lifted its stake in RPC by 1.1% in the third quarter. California Public Employees Retirement System now owns 243,549 shares of the oil and gas company’s stock worth $6,038,000 after purchasing an additional 2,549 shares during the last quarter. Eqis Capital Management Inc. lifted its stake in RPC by 13.1% in the fourth quarter. Eqis Capital Management Inc. now owns 22,171 shares of the oil and gas company’s stock worth $566,000 after purchasing an additional 2,561 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its stake in RPC by 71.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,534 shares of the oil and gas company’s stock worth $167,000 after purchasing an additional 2,714 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in RPC by 52.8% in the third quarter. Envestnet Asset Management Inc. now owns 8,105 shares of the oil and gas company’s stock worth $201,000 after purchasing an additional 2,800 shares during the last quarter. 35.32% of the stock is owned by institutional investors and hedge funds.

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RPC Company Profile

RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.

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