RPC, Inc. (RES) Announces Quarterly Earnings Results
RPC, Inc. (NYSE:RES) posted its quarterly earnings data on Wednesday. The oil and gas company reported $0.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.06, Morningstar.com reports. The business had revenue of $399 million for the quarter, compared to analysts’ expectations of $415.65 million. RPC had a negative return on equity of 12.86% and a negative net margin of 12.54%. The business’s revenue was up 179.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.23) EPS.
RPC (NYSE RES) traded up 0.71% on Wednesday, reaching $21.14. 2,577,669 shares of the company’s stock were exchanged. RPC has a 1-year low of $13.49 and a 1-year high of $23.36. The firm has a 50-day moving average price of $20.12 and a 200-day moving average price of $19.68. The company’s market capitalization is $4.60 billion.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Thursday, August 10th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend is Tuesday, August 8th. This is a boost from RPC’s previous quarterly dividend of $0.05. RPC’s dividend payout ratio (DPR) is -10.20%.
A number of brokerages have recently commented on RES. Jefferies Group LLC reissued a “buy” rating and issued a $26.00 price target on shares of RPC in a research report on Friday, July 21st. Seaport Global Securities lowered shares of RPC from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $25.00 to $20.00 in a report on Wednesday, June 21st. Piper Jaffray Companies restated a “neutral” rating and issued a $20.50 price objective (up from $18.75) on shares of RPC in a report on Wednesday, July 12th. Zacks Investment Research lowered shares of RPC from a “buy” rating to a “hold” rating in a report on Tuesday, July 18th. Finally, BMO Capital Markets assumed coverage on shares of RPC in a report on Wednesday, April 12th. They issued an “outperform” rating and a $24.00 price objective for the company. Eleven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. RPC presently has a consensus rating of “Hold” and a consensus target price of $22.68.
Institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new position in shares of RPC during the fourth quarter worth approximately $1,536,000. State Street Corp increased its position in shares of RPC by 5.4% in the fourth quarter. State Street Corp now owns 1,272,632 shares of the oil and gas company’s stock worth $25,211,000 after buying an additional 64,684 shares during the last quarter. Norges Bank purchased a new position in shares of RPC during the fourth quarter worth approximately $11,254,000. Quadrature Capital Ltd purchased a new position in shares of RPC during the fourth quarter worth approximately $865,000. Finally, Copper Rock Capital Partners LLC purchased a new position in shares of RPC during the first quarter worth approximately $19,204,000. Institutional investors own 40.26% of the company’s stock.
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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