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 (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.06, Morningstar.com reports. RPC had a negative return on equity of 12.86% and a negative net margin of 12.54%. The company had revenue of $399 million for the quarter, compared to the consensus estimate of $415.65 million. During the same period in the previous year, the business earned ($0.23) EPS. RPC’s revenue for the quarter was up 179.0% compared to the same quarter last year.
RPC (NYSE RES) opened at 21.32 on Thursday. The company’s 50-day moving average price is $20.22 and its 200-day moving average price is $19.68. RPC has a 52-week low of $13.49 and a 52-week high of $23.36. The firm’s market cap is $4.64 billion.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Thursday, August 10th will be given a dividend of $0.06 per share. The ex-dividend date is Tuesday, August 8th. This represents a $0.24 dividend on an annualized basis and a yield of 1.13%. This is a positive change from RPC’s previous quarterly dividend of $0.05. RPC’s payout ratio is currently -10.20%.
A number of large investors have recently added to or reduced their stakes in the stock. Mutual of America Capital Management LLC acquired a new stake in RPC during the first quarter worth $1,615,000. Alliancebernstein L.P. boosted its stake in RPC by 21.6% in the first quarter. Alliancebernstein L.P. now owns 5,707,098 shares of the oil and gas company’s stock worth $104,497,000 after buying an additional 1,012,027 shares in the last quarter. Norges Bank acquired a new stake in RPC during the fourth quarter worth $11,254,000. Russell Investments Group Ltd. acquired a new stake in RPC during the fourth quarter worth $1,536,000. Finally, Alpha Windward LLC acquired a new stake in RPC during the first quarter worth $420,000. 40.26% of the stock is owned by hedge funds and other institutional investors.
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RES has been the topic of several analyst reports. Morgan Stanley dropped their price objective on RPC from $24.00 to $23.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 21st. Jefferies Group LLC restated a “buy” rating and set a $26.00 price objective on shares of RPC in a report on Friday, June 9th. Wolfe Research downgraded RPC from an “outperform” rating to a “market perform” rating and set a $20.00 price objective on the stock. in a report on Monday, April 17th. Seaport Global Securities downgraded RPC from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $25.00 to $20.00 in a report on Wednesday, June 21st. Finally, BMO Capital Markets initiated coverage on RPC in a report on Wednesday, April 12th. They set an “outperform” rating and a $24.00 price objective on the stock. Eleven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $22.91.
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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