RPC (NYSE:RES) Shares Up 6%

Shares of RPC, Inc. (NYSE:RES) rose 6% during trading on Tuesday . The company traded as high as $6.43 and last traded at $6.41. Approximately 293,804 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 1,667,653 shares. The stock had previously closed at $6.05.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Stifel Nicolaus dropped their target price on shares of RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. Susquehanna dropped their price objective on shares of RPC from $7.00 to $6.50 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Finally, Citigroup reduced their target price on RPC from $6.75 to $5.25 and set a “sell” rating for the company in a research note on Wednesday, July 10th.

RPC Trading Up 6.6 %

The business’s 50-day simple moving average is $6.30 and its 200-day simple moving average is $6.79. The company has a market capitalization of $1.39 billion, a PE ratio of 9.16 and a beta of 1.56.

RPC (NYSE:RES) last issued its earnings results on Thursday, July 25th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. The firm had revenue of $364.20 million during the quarter, compared to analysts’ expectations of $381.18 million. RPC had a net margin of 8.08% and a return on equity of 11.52%. The firm’s revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.30 earnings per share. Sell-side analysts forecast that RPC, Inc. will post 0.56 EPS for the current fiscal year.

RPC Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were issued a $0.04 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.16 annualized dividend and a dividend yield of 2.48%. RPC’s dividend payout ratio (DPR) is presently 22.86%.

Institutional Trading of RPC

Several hedge funds and other institutional investors have recently bought and sold shares of RES. CWM LLC lifted its holdings in RPC by 256.5% in the second quarter. CWM LLC now owns 5,112 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 3,678 shares during the period. Register Financial Advisors LLC purchased a new position in shares of RPC during the 1st quarter valued at approximately $39,000. Innealta Capital LLC acquired a new position in shares of RPC in the 2nd quarter valued at $44,000. ICA Group Wealth Management LLC purchased a new stake in RPC during the fourth quarter worth $47,000. Finally, TFO Wealth Partners LLC grew its position in RPC by 304,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 9,126 shares of the oil and gas company’s stock valued at $66,000 after buying an additional 9,123 shares during the period. 41.06% of the stock is owned by institutional investors and hedge funds.

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.