RPC (NYSE:RES) Shares Gap Down Following Weak Earnings

RPC, Inc. (NYSE:RES) shares gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $6.29, but opened at $6.06. RPC shares last traded at $6.03, with a volume of 193,705 shares traded.

The oil and gas company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.05). RPC had a net margin of 8.08% and a return on equity of 11.52%. The business had revenue of $337.70 million during the quarter, compared to the consensus estimate of $365.33 million. During the same period last year, the company earned $0.08 EPS. The business’s revenue was up 2.2% compared to the same quarter last year.

RPC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 11th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Friday, November 8th. RPC’s dividend payout ratio is presently 22.86%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RES shares. Stifel Nicolaus dropped their target price on shares of RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Friday, October 11th. Susquehanna dropped their price objective on RPC from $6.50 to $6.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Citigroup decreased their target price on RPC from $6.75 to $5.25 and set a “sell” rating for the company in a research report on Wednesday, July 10th.

Institutional Investors Weigh In On RPC

Large investors have recently modified their holdings of the business. International Assets Investment Management LLC lifted its position in shares of RPC by 540.4% in the 3rd quarter. International Assets Investment Management LLC now owns 4,560 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 3,848 shares during the period. CWM LLC lifted its holdings in RPC by 256.5% during the second quarter. CWM LLC now owns 5,112 shares of the oil and gas company’s stock worth $32,000 after buying an additional 3,678 shares during the period. Register Financial Advisors LLC bought a new stake in RPC during the 1st quarter valued at $39,000. Innealta Capital LLC purchased a new position in shares of RPC in the 2nd quarter valued at $44,000. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of RPC by 38.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,821 shares of the oil and gas company’s stock worth $93,000 after acquiring an additional 4,136 shares in the last quarter. Institutional investors own 41.06% of the company’s stock.

RPC Stock Performance

The business has a 50 day moving average of $6.41 and a two-hundred day moving average of $6.59. The stock has a market capitalization of $1.28 billion, a PE ratio of 8.53 and a beta of 1.55.

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.