RPC (NYSE:RES) Shares Gap Up on Earnings Beat

RPC, Inc. (NYSE:RES) shares gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $5.00, but opened at $5.33. RPC shares last traded at $5.4930, with a volume of 441,755 shares changing hands.

The oil and gas company reported $0.02 EPS for the quarter. RPC had a net margin of 3.77% and a return on equity of 5.65%. The business had revenue of $225.31 million during the quarter.

RPC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Friday, November 14th will be given a $0.04 dividend. The ex-dividend date is Friday, November 14th. This represents a $0.16 annualized dividend and a yield of 2.9%. RPC’s dividend payout ratio (DPR) is currently 61.54%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Susquehanna dropped their target price on RPC from $5.50 to $5.00 and set a “neutral” rating for the company in a report on Friday, July 25th. Stifel Nicolaus dropped their price objective on shares of RPC from $6.00 to $5.00 and set a “hold” rating for the company in a research note on Wednesday, July 16th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of RPC in a research note on Wednesday, October 8th. Finally, Piper Sandler dropped their price target on shares of RPC from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Thursday, August 14th. Three research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $4.69.

Institutional Trading of RPC

Large investors have recently made changes to their positions in the stock. Carolina Wealth Advisors LLC boosted its position in RPC by 7,851.8% in the 3rd quarter. Carolina Wealth Advisors LLC now owns 1,277,544 shares of the oil and gas company’s stock valued at $6,081,000 after buying an additional 1,261,478 shares during the period. Congress Asset Management Co. purchased a new stake in shares of RPC in the third quarter valued at approximately $5,959,000. Brandywine Global Investment Management LLC purchased a new stake in shares of RPC in the second quarter valued at approximately $4,465,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of RPC by 31.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,800,246 shares of the oil and gas company’s stock valued at $13,245,000 after purchasing an additional 670,432 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of RPC in the first quarter valued at approximately $2,299,000. 41.06% of the stock is owned by hedge funds and other institutional investors.

RPC Stock Up 11.7%

The firm has a market capitalization of $1.23 billion, a PE ratio of 21.48 and a beta of 0.83. The company has a fifty day simple moving average of $4.67 and a two-hundred day simple moving average of $4.75. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.16 and a current ratio of 2.64.

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.