RPC (RES) to Repurchase 10,000,000 Shares

RPC (NYSE:RES) announced that its board has initiated a share repurchase plan, which authorizes the company to repurchase 10,000,000 outstanding shares on Monday, February 12th, EventVestor reports. This repurchase authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

RPC (NYSE RES) traded down $0.70 during midday trading on Thursday, hitting $18.10. The stock had a trading volume of 319,932 shares, compared to its average volume of 2,522,260. RPC has a fifty-two week low of $16.63 and a fifty-two week high of $27.07. The stock has a market cap of $3,952.69, a price-to-earnings ratio of 25.07, a PEG ratio of 0.62 and a beta of 0.73.

RPC (NYSE:RES) last posted its quarterly earnings results on Wednesday, January 24th. The oil and gas company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.16). The firm had revenue of $427.30 million during the quarter, compared to analyst estimates of $515.04 million. The firm’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.10) EPS. equities analysts predict that RPC will post 1.64 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 9th. Investors of record on Friday, February 9th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.21%. This is an increase from RPC’s previous quarterly dividend of $0.07. The ex-dividend date is Thursday, February 8th. RPC’s dividend payout ratio (DPR) is presently 53.33%.

RES has been the topic of a number of research analyst reports. FBR & Co set a $27.00 price target on shares of RPC and gave the company a “buy” rating in a research note on Thursday, October 26th. Raymond James Financial cut shares of RPC from a “strong-buy” rating to an “outperform” rating in a research note on Thursday, October 26th. Citigroup cut shares of RPC from a “strong-buy” rating to a “market perform” rating in a research note on Thursday, October 26th. They noted that the move was a valuation call. Capital One Financial reissued an “equal weight” rating on shares of RPC in a research note on Wednesday, October 25th. Finally, Jefferies Group set a $25.00 price target on shares of RPC and gave the company a “hold” rating in a research note on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $24.75.

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About RPC

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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