RPC (NYSE:RES) Stock Price Down 3.9% After Earnings Miss

RPC, Inc. (NYSE:RES)’s share price dropped 3.9% during mid-day trading on Friday following a dissappointing earnings announcement. The company traded as low as $7.04 and last traded at $7.07. Approximately 1,139,163 shares changed hands during trading, a decline of 30% from the average daily volume of 1,616,390 shares. The stock had previously closed at $7.36.

The oil and gas company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). RPC had a return on equity of 15.02% and a net margin of 9.95%. The company had revenue of $377.80 million for the quarter, compared to analysts’ expectations of $393.33 million. During the same period last year, the company posted $0.39 EPS. The business’s revenue for the quarter was down 20.7% on a year-over-year basis.

RPC Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be given a dividend of $0.04 per share. The ex-dividend date is Thursday, May 9th. This represents a $0.16 annualized dividend and a dividend yield of 2.28%. RPC’s dividend payout ratio (DPR) is presently 22.86%.

Analysts Set New Price Targets

Separately, Susquehanna reduced their price target on RPC from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Friday, April 26th.

Institutional Investors Weigh In On RPC

Several institutional investors and hedge funds have recently bought and sold shares of RES. SG Americas Securities LLC purchased a new stake in RPC in the 3rd quarter worth approximately $455,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of RPC in the 3rd quarter valued at approximately $95,000. Inspire Investing LLC purchased a new position in shares of RPC in the 3rd quarter valued at approximately $308,000. Allspring Global Investments Holdings LLC lifted its stake in shares of RPC by 7.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 22,901 shares of the oil and gas company’s stock valued at $205,000 after purchasing an additional 1,548 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of RPC by 2.1% in the 3rd quarter. Victory Capital Management Inc. now owns 1,372,170 shares of the oil and gas company’s stock valued at $12,267,000 after purchasing an additional 27,817 shares during the period. Hedge funds and other institutional investors own 41.06% of the company’s stock.

RPC Trading Up 3.8 %

The company has a market cap of $1.51 billion, a PE ratio of 9.67 and a beta of 1.65. The stock has a 50 day moving average price of $7.58 and a 200 day moving average price of $7.43.

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.