RPC (NYSE:RES) Shares Gap Up Following Dividend Announcement

RPC, Inc. (NYSE:RES)’s stock price gapped up before the market opened on Thursday following a dividend announcement from the company. The stock had previously closed at $6.42, but opened at $6.72. RPC shares last traded at $6.25, with a volume of 275,899 shares traded.

The newly announced dividend which will be paid on Monday, March 10th. Stockholders of record on Monday, February 10th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Monday, February 10th. RPC’s dividend payout ratio (DPR) is 28.57%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Stifel Nicolaus reduced their price target on shares of RPC from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Friday, October 11th. Susquehanna dropped their target price on RPC from $6.50 to $6.00 and set a “neutral” rating on the stock in a report on Friday, October 25th.

RPC Trading Down 0.7 %

The company’s 50-day moving average price is $6.25 and its two-hundred day moving average price is $6.30. The company has a market cap of $1.32 billion, a P/E ratio of 10.94 and a beta of 1.59.

RPC (NYSE:RES) last announced its earnings results on Thursday, January 30th. The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.06. RPC had a return on equity of 11.36% and a net margin of 8.07%. Equities analysts forecast that RPC, Inc. will post 0.43 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RES. The Manufacturers Life Insurance Company grew its position in RPC by 3.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 51,819 shares of the oil and gas company’s stock worth $324,000 after purchasing an additional 1,869 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of RPC by 6.1% during the third quarter. HighTower Advisors LLC now owns 40,082 shares of the oil and gas company’s stock valued at $252,000 after buying an additional 2,288 shares in the last quarter. Inspire Investing LLC raised its position in RPC by 3.9% during the fourth quarter. Inspire Investing LLC now owns 66,994 shares of the oil and gas company’s stock valued at $398,000 after buying an additional 2,500 shares during the period. Franklin Resources Inc. lifted its stake in RPC by 8.5% in the 3rd quarter. Franklin Resources Inc. now owns 46,272 shares of the oil and gas company’s stock worth $324,000 after acquiring an additional 3,633 shares in the last quarter. Finally, HB Wealth Management LLC boosted its position in RPC by 12.9% during the 4th quarter. HB Wealth Management LLC now owns 32,280 shares of the oil and gas company’s stock worth $192,000 after acquiring an additional 3,697 shares during the period. 41.06% of the stock is owned by hedge funds and other institutional investors.

RPC Company Profile

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.