Zacks Investment Research cut shares of RPC, Inc. (NYSE:RES) from a buy rating to a hold rating in a research note released on Tuesday, July 18th.
According to Zacks, “RPC, Inc. provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties. It operates its business through two business segments- Technical Services and Support Services. Services and products offered by the Company include Cudd Pumping, Coiled Tubing, Snubbing, Nitrogen Units, Thru Tubing Solutions, Wireline, Fluid Pumps, Well Control, Production Rental Tools, Patterson Rental Tools, Patterson Tubular Services and Well Control School. The Company’s products and services can be found throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. RPC, Inc. is headquartered in Atlanta, Georgia. “
RES has been the subject of several other reports. Morgan Stanley reduced their price objective on RPC from $24.00 to $23.00 and set an equal weight rating for the company in a research report on Wednesday, June 21st. Tudor Pickering initiated coverage on RPC in a research report on Thursday, March 23rd. They set a buy rating for the company. Jefferies Group LLC set a $26.00 price objective on RPC and gave the stock a buy rating in a research report on Wednesday, May 17th. Wolfe Research cut RPC from an outperform rating to a market perform rating and set a $20.00 price objective for the company. in a research report on Monday, April 17th. Finally, BMO Capital Markets initiated coverage on RPC in a research report on Wednesday, April 12th. They set an outperform rating and a $24.00 price objective for the company. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has an average rating of Hold and an average price target of $22.91.
RPC (RES) traded down 2.18% during midday trading on Tuesday, hitting $19.70. The stock had a trading volume of 1,420,325 shares. The firm’s market cap is $4.28 billion. RPC has a 52 week low of $14.18 and a 52 week high of $23.36. The stock has a 50-day moving average of $20.45 and a 200-day moving average of $19.65.
RPC (NYSE:RES) last posted its quarterly earnings data on Wednesday, July 26th. The oil and gas company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.06. The company had revenue of $399 million during the quarter, compared to analysts’ expectations of $415.65 million. RPC had a negative return on equity of 1.74% and a negative net margin of 1.15%. RPC’s revenue for the quarter was up 179.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.23) earnings per share. Analysts forecast that RPC will post $0.84 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.22%. This is a positive change from RPC’s previous quarterly dividend of $0.05. RPC’s dividend payout ratio (DPR) is -183.30%.
A number of large investors have recently modified their holdings of RES. Advisory Services Network LLC bought a new stake in shares of RPC during the first quarter worth about $206,000. Spectrum Asset Management Inc. NB CA bought a new stake in shares of RPC during the first quarter worth about $729,000. Russell Investments Group Ltd. increased its stake in shares of RPC by 112.7% in the first quarter. Russell Investments Group Ltd. now owns 166,159 shares of the oil and gas company’s stock worth $3,042,000 after buying an additional 88,037 shares in the last quarter. First Mercantile Trust Co. increased its stake in shares of RPC by 17.9% in the first quarter. First Mercantile Trust Co. now owns 17,320 shares of the oil and gas company’s stock worth $317,000 after buying an additional 2,630 shares in the last quarter. Finally, Glen Harbor Capital Management LLC increased its stake in shares of RPC by 86.9% in the first quarter. Glen Harbor Capital Management LLC now owns 12,768 shares of the oil and gas company’s stock worth $234,000 after buying an additional 5,936 shares in the last quarter. 40.24% of the stock is currently owned by institutional investors and hedge funds.
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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