RPC (NYSE:RES) Shares Gap Down Following Analyst Downgrade

RPC, Inc. (NYSE:RES) shares gapped down before the market opened on Friday after Stifel Nicolaus lowered their price target on the stock from $8.00 to $7.00. The stock had previously closed at $7.06, but opened at $6.82. Stifel Nicolaus currently has a hold rating on the stock. RPC shares last traded at $7.00, with a volume of 147,179 shares trading hands.

Other research analysts have also issued reports about the company. Citigroup lowered their target price on RPC from $6.75 to $5.25 and set a “sell” rating on the stock in a report on Wednesday, July 10th. Susquehanna lowered their target price on RPC from $7.00 to $6.50 and set a “neutral” rating on the stock in a report on Thursday, July 11th.

Hedge Funds Weigh In On RPC

A number of institutional investors have recently bought and sold shares of the stock. Creative Planning increased its stake in RPC by 6.9% in the 3rd quarter. Creative Planning now owns 258,055 shares of the oil and gas company’s stock worth $1,641,000 after purchasing an additional 16,584 shares in the last quarter. Wedge Capital Management L L P NC acquired a new stake in RPC during the 3rd quarter worth about $936,000. Exchange Traded Concepts LLC boosted its position in RPC by 39.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 164,990 shares of the oil and gas company’s stock worth $1,049,000 after acquiring an additional 46,995 shares during the period. Inspire Investing LLC boosted its position in RPC by 15.3% during the 3rd quarter. Inspire Investing LLC now owns 64,494 shares of the oil and gas company’s stock worth $410,000 after acquiring an additional 8,552 shares during the period. Finally, CWM LLC boosted its position in RPC by 130.0% during the 3rd quarter. CWM LLC now owns 11,758 shares of the oil and gas company’s stock worth $75,000 after acquiring an additional 6,646 shares during the period. Hedge funds and other institutional investors own 41.06% of the company’s stock.

RPC Trading Down 0.4 %

The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 12.78 and a beta of 1.55. The stock has a 50-day simple moving average of $6.39 and a 200 day simple moving average of $6.68.

RPC (NYSE:RES) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. RPC had a return on equity of 11.52% and a net margin of 8.08%. The firm had revenue of $364.20 million during the quarter, compared to analyst estimates of $381.18 million. During the same period last year, the company posted $0.30 EPS. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. Sell-side analysts expect that RPC, Inc. will post 0.56 earnings per share for the current fiscal year.

RPC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were given a dividend of $0.04 per share. The ex-dividend date was Friday, August 9th. This represents a $0.16 dividend on an annualized basis and a yield of 2.28%. RPC’s payout ratio is presently 29.09%.

About RPC

RPC, Inc, through its subsidiaries, engages provision of a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties. The company operates through Technical Services and Support Services segments. The Technical Services segment offers pressure pumping, fracturing, acidizing, cementing, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline, pump down, and fishing services that are used in the completion, production, and maintenance of oil and gas wells.