RPC (NYSE:RES) Shares Gap Down to $7.92

RPC, Inc. (NYSE:RES)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $7.92, but opened at $7.37. RPC shares last traded at $7.08, with a volume of 1,014,865 shares.

Analyst Ratings Changes

Separately, Susquehanna raised their price target on shares of RPC from $6.50 to $8.00 and gave the company a “neutral” rating in a report on Monday, April 8th.

RPC Price Performance

The company has a market cap of $1.59 billion, a P/E ratio of 7.76 and a beta of 1.60. The firm’s 50-day moving average is $7.64 and its two-hundred day moving average is $7.54.

RPC (NYSE:RES) last announced its earnings results on Thursday, January 25th. The oil and gas company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $394.50 million during the quarter, compared to the consensus estimate of $374.22 million. RPC had a net margin of 12.06% and a return on equity of 21.26%. The firm’s revenue was down 18.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 earnings per share. As a group, sell-side analysts expect that RPC, Inc. will post 0.88 EPS for the current year.

RPC Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 51.09%. This is a positive change from RPC’s previous quarterly dividend of $0.04. RPC’s dividend payout ratio is 17.78%.

Institutional Investors Weigh In On RPC

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its holdings in RPC by 274.1% in the fourth quarter. Pacer Advisors Inc. now owns 8,277,488 shares of the oil and gas company’s stock worth $60,260,000 after purchasing an additional 6,064,627 shares in the last quarter. Glenorchy Capital Ltd bought a new stake in RPC in the 4th quarter valued at $925,000. Brandywine Global Investment Management LLC grew its position in RPC by 7.2% in the third quarter. Brandywine Global Investment Management LLC now owns 1,034,540 shares of the oil and gas company’s stock valued at $9,249,000 after purchasing an additional 69,737 shares in the last quarter. Alps Advisors Inc. lifted its stake in RPC by 7.3% in the third quarter. Alps Advisors Inc. now owns 40,349 shares of the oil and gas company’s stock valued at $361,000 after acquiring an additional 2,759 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of RPC by 14.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,248,101 shares of the oil and gas company’s stock worth $11,158,000 after purchasing an additional 161,871 shares during the last quarter. Institutional investors own 41.06% of the company’s stock.

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.