Zacks: Brokerages Anticipate RPC, Inc. (RES) Will Announce Quarterly Sales of $475.14 Million
Equities analysts expect that RPC, Inc. (NYSE:RES) will announce sales of $475.14 million for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for RPC’s earnings, with the highest sales estimate coming in at $505.30 million and the lowest estimate coming in at $448.20 million. RPC posted sales of $175.88 million in the same quarter last year, which would indicate a positive year over year growth rate of 170.2%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, October 25th.
On average, analysts expect that RPC will report full year sales of $475.14 million for the current financial year, with estimates ranging from $1.41 billion to $1.79 billion. For the next fiscal year, analysts expect that the firm will report sales of $2.15 billion per share, with estimates ranging from $1.79 billion to $2.32 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover RPC.
RPC (NYSE:RES) last issued its earnings results on Wednesday, July 26th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.06. The company had revenue of $399 million for the quarter, compared to the consensus estimate of $415.65 million. RPC had a negative return on equity of 1.74% and a negative net margin of 1.15%. The firm’s quarterly revenue was up 179.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.23) EPS.
A number of analysts have recently commented on RES shares. Jefferies Group LLC set a $26.00 target price on RPC and gave the stock a “buy” rating in a research note on Wednesday, May 17th. Seaport Global Securities downgraded RPC from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $25.00 to $20.00 in a research note on Wednesday, June 21st. Morgan Stanley lowered their target price on RPC from $24.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 21st. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $20.50 price target (up previously from $18.75) on shares of RPC in a report on Wednesday, July 12th. Finally, Zacks Investment Research cut RPC from a “buy” rating to a “hold” rating in a report on Tuesday, July 18th. Ten equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. RPC has a consensus rating of “Hold” and an average price target of $22.91.
Shares of RPC (NYSE:RES) opened at 18.68 on Wednesday. The company’s market cap is $4.06 billion. RPC has a 52 week low of $14.18 and a 52 week high of $23.36. The company’s 50-day moving average price is $20.45 and its 200 day moving average price is $19.58.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Thursday, August 10th will be issued 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 dividend yield of 1.28%. This is a boost from RPC’s previous quarterly dividend of $0.05. RPC’s dividend payout ratio is presently -183.30%.
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Institutional investors have recently made changes to their positions in the stock. Alliancebernstein L.P. boosted its position in shares of RPC by 58.4% in the second quarter. Alliancebernstein L.P. now owns 9,040,717 shares of the oil and gas company’s stock worth $182,713,000 after buying an additional 3,333,619 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new position in shares of RPC during the first quarter worth approximately $28,788,000. Marshall Wace North America L.P. purchased a new position in shares of RPC during the first quarter worth approximately $28,788,000. Vanguard Group Inc. boosted its position in shares of RPC by 20.4% in the second quarter. Vanguard Group Inc. now owns 6,076,306 shares of the oil and gas company’s stock worth $122,802,000 after buying an additional 1,028,001 shares during the last quarter. Finally, Investec Asset Management LTD purchased a new position in shares of RPC during the first quarter worth approximately $14,459,000. 38.43% of the stock is owned by institutional investors and hedge funds.
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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