RPC (NYSE:RES) Shares Gap Down Following Weak Earnings

RPC, Inc. (NYSE:RES) shares gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $6.62, but opened at $5.48. RPC shares last traded at $5.7850, with a volume of 687,037 shares changing hands.

The oil and gas company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). The company had revenue of $425.78 million during the quarter, compared to the consensus estimate of $423.30 million. RPC had a return on equity of 5.58% and a net margin of 3.12%.The company’s revenue was up 26.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.06 earnings per share.

RPC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 10th will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Tuesday, February 10th. RPC’s payout ratio is presently 69.57%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Piper Sandler reissued an “underweight” rating on shares of RPC in a report on Thursday, December 18th. Citigroup increased their price target on RPC from $5.75 to $6.00 and gave the stock a “neutral” rating in a report on Thursday, December 11th. Wall Street Zen upgraded RPC from a “hold” rating to a “buy” rating in a research report on Saturday, January 17th. Susquehanna lifted their price target on shares of RPC from $5.50 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of RPC in a research report on Monday, December 29th. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $5.25.

Institutional Investors Weigh In On RPC

Institutional investors have recently modified their holdings of the business. American Century Companies Inc. lifted its position in shares of RPC by 8.4% during the 3rd quarter. American Century Companies Inc. now owns 3,960,190 shares of the oil and gas company’s stock valued at $18,851,000 after acquiring an additional 308,361 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in RPC by 31.5% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,800,246 shares of the oil and gas company’s stock worth $13,245,000 after buying an additional 670,432 shares in the last quarter. Van ECK Associates Corp increased its holdings in RPC by 14.6% in the 3rd quarter. Van ECK Associates Corp now owns 2,219,973 shares of the oil and gas company’s stock valued at $10,567,000 after buying an additional 283,213 shares during the period. Geode Capital Management LLC lifted its holdings in shares of RPC by 4.1% during the 2nd quarter. Geode Capital Management LLC now owns 2,078,778 shares of the oil and gas company’s stock worth $9,834,000 after acquiring an additional 82,457 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of RPC by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,692,483 shares of the oil and gas company’s stock worth $8,005,000 after acquiring an additional 23,408 shares in the last quarter. Institutional investors own 41.06% of the company’s stock.

RPC Price Performance

The firm has a market capitalization of $1.23 billion, a P/E ratio of 24.36 and a beta of 0.63. The company has a quick ratio of 2.31, a current ratio of 2.78 and a debt-to-equity ratio of 0.03. The business’s 50 day moving average is $5.83 and its 200-day moving average is $5.15.

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.