RPC (NYSE:RES) Shares Down 5.6% – Here’s Why

Shares of RPC, Inc. (NYSE:RES) fell 5.6% on Wednesday . The stock traded as low as $6.75 and last traded at $6.6850. 1,349,103 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 2,521,026 shares. The stock had previously closed at $7.08.

Analyst Ratings Changes

Several brokerages recently commented on RES. Citigroup upped their target price on RPC from $5.75 to $6.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Wall Street Zen downgraded RPC from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of RPC in a research note on Monday, December 29th. Piper Sandler restated an “underweight” rating on shares of RPC in a report on Thursday, December 18th. Finally, Susquehanna raised their price objective on shares of RPC from $5.50 to $6.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 7th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $5.25.

RPC Stock Down 5.0%

The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 44.77 and a beta of 0.69. The firm’s fifty day moving average price is $6.30 and its two-hundred day moving average price is $5.61. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.24 and a quick ratio of 2.70.

RPC (NYSE:RES) last issued its earnings results on Tuesday, February 3rd. The oil and gas company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.03). RPC had a net margin of 1.97% and a return on equity of 5.24%. The firm had revenue of $425.78 million during the quarter, compared to analyst estimates of $423.30 million. During the same quarter in the prior year, the business earned $0.06 earnings per share. The business’s quarterly revenue was up 26.9% on a year-over-year basis. Sell-side analysts forecast that RPC, Inc. will post 0.31 earnings per share for the current fiscal year.

RPC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 10th were paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, February 10th. RPC’s dividend payout ratio (DPR) is 106.67%.

Hedge Funds Weigh In On RPC

A number of large investors have recently modified their holdings of RES. Virtu Financial LLC acquired a new stake in RPC in the 4th quarter valued at $100,000. Invesco Ltd. raised its holdings in shares of RPC by 0.5% in the 4th quarter. Invesco Ltd. now owns 1,086,721 shares of the oil and gas company’s stock worth $5,912,000 after acquiring an additional 5,211 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its position in RPC by 52.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 23,125 shares of the oil and gas company’s stock valued at $126,000 after acquiring an additional 7,918 shares in the last quarter. Vident Advisory LLC bought a new position in RPC in the 4th quarter valued at about $601,000. Finally, Empowered Funds LLC boosted its stake in RPC by 3.5% during the 4th quarter. Empowered Funds LLC now owns 1,053,024 shares of the oil and gas company’s stock valued at $5,728,000 after purchasing an additional 35,975 shares during the last quarter. 41.06% of the stock is currently owned by institutional investors.

RPC Company Profile

RPC, Inc (NYSE: RES) provides essential equipment and services to companies engaged in the exploration, production and maintenance of oil and natural gas wells. The firm operates as an equity interest holding company, partnering with a network of independent service businesses to deliver a comprehensive suite of offerings for well completion and production operations.

Through its affiliated service companies, RPC offers pressure pumping and fracturing services, coiled tubing and nitrogen pumping, downhole tools and telemetry solutions, well intervention and workover services, along with rental tools and supply-chain logistics.