Jefferies Group Analysts Reduce Earnings Estimates for RPC, Inc. (RES)
RPC, Inc. (NYSE:RES) – Analysts at Jefferies Group decreased their Q3 2017 earnings per share (EPS) estimates for RPC in a research report issued on Thursday. Jefferies Group analyst B. Handler now forecasts that the oil and gas company will earn $0.34 per share for the quarter, down from their previous estimate of $0.35. Jefferies Group has a “Hold” rating and a $26.00 price target on the stock. Jefferies Group also issued estimates for RPC’s Q4 2017 earnings at $0.42 EPS, FY2017 earnings at $0.96 EPS, FY2018 earnings at $1.80 EPS, FY2019 earnings at $2.20 EPS and FY2020 earnings at $2.50 EPS.
RPC (NYSE:RES) last posted its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.14 by $0.06. RPC had a negative return on equity of 1.74% and a negative net margin of 1.15%. The business had revenue of $399.00 million for the quarter, compared to analyst estimates of $415.65 million. During the same quarter in the previous year, the firm earned ($0.23) EPS. The company’s quarterly revenue was up 179.0% compared to the same quarter last year.
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A number of other analysts have also commented on RES. Cowen and Company set a $24.00 price objective on RPC and gave the company a “hold” rating in a research note on Friday. Citigroup Inc. increased their price objective on RPC from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Thursday. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $20.50 price objective (up previously from $18.75) on shares of RPC in a research note on Wednesday, July 12th. Seaport Global Securities reaffirmed a “neutral” rating on shares of RPC in a research note on Wednesday, July 26th. Finally, Zacks Investment Research lowered RPC from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. Twelve equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $23.26.
RPC (RES) opened at 23.09 on Monday. RPC has a 12-month low of $16.48 and a 12-month high of $25.00. The stock’s market cap is $5.02 billion. The stock’s 50 day moving average price is $21.62 and its 200 day moving average price is $19.91.
A number of large investors have recently modified their holdings of RES. Alliancebernstein L.P. boosted its stake in RPC by 58.4% in the 2nd quarter. Alliancebernstein L.P. now owns 9,040,717 shares of the oil and gas company’s stock worth $182,713,000 after buying an additional 3,333,619 shares during the last quarter. Vanguard Group Inc. boosted its stake in RPC by 20.4% in the 2nd quarter. Vanguard Group Inc. now owns 6,076,306 shares of the oil and gas company’s stock worth $122,802,000 after buying an additional 1,028,001 shares during the last quarter. Investec Asset Management LTD boosted its stake in RPC by 52.7% in the 2nd quarter. Investec Asset Management LTD now owns 1,205,839 shares of the oil and gas company’s stock worth $24,370,000 after buying an additional 416,157 shares during the last quarter. Chicago Equity Partners LLC boosted its stake in RPC by 41.3% in the 2nd quarter. Chicago Equity Partners LLC now owns 1,136,435 shares of the oil and gas company’s stock worth $22,967,000 after buying an additional 331,890 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in RPC in the 1st quarter worth about $5,669,000. 38.17% of the stock is currently owned by hedge funds and other institutional investors.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Thursday, August 10th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.04%. This is a positive change from RPC’s previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, August 8th. RPC’s dividend payout ratio (DPR) is presently -183.30%.
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
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