RPC (NYSE:RES) Reaches New 1-Year High – Here’s What Happened

RPC, Inc. (NYSE:RES)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $7.19 and last traded at $7.1550, with a volume of 1110630 shares traded. The stock had previously closed at $6.89.

Analysts Set New Price Targets

RES has been the topic of a number of research analyst reports. Wall Street Zen cut shares of 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 report on Monday, December 29th. Piper Sandler restated an “underweight” rating on shares of RPC in a research note on Thursday, December 18th. Susquehanna raised their target price 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. Finally, Citigroup lifted their price target on shares of RPC from $5.75 to $6.00 and gave the company a “neutral” rating in a research note on Thursday, December 11th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $5.25.

RPC Stock Up 4.1%

The company has a current ratio of 3.24, a quick ratio of 2.70 and a debt-to-equity ratio of 0.03. The firm has a market cap of $1.59 billion, a PE ratio of 47.90 and a beta of 0.69. The business’s 50-day simple moving average is $6.17 and its 200 day simple moving average is $5.51.

RPC (NYSE:RES) last announced its quarterly earnings results on Tuesday, February 3rd. The oil and gas company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.03). The business had revenue of $425.78 million during the quarter, compared to analysts’ expectations of $423.30 million. RPC had a return on equity of 5.24% and a net margin of 1.97%.RPC’s revenue for the quarter was up 26.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.06 EPS. As a group, equities research analysts expect that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 10th were issued a dividend of $0.04 per share. The ex-dividend date was Tuesday, February 10th. This represents a $0.16 dividend on an annualized basis and a yield of 2.2%. RPC’s dividend payout ratio is currently 106.67%.

Institutional Investors Weigh In On RPC

A number of hedge funds have recently made changes to their positions in RES. EverSource Wealth Advisors LLC raised its holdings in RPC by 220.6% in the second quarter. EverSource Wealth Advisors LLC now owns 6,533 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 4,495 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of RPC by 243.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,681 shares of the oil and gas company’s stock valued at $41,000 after buying an additional 6,153 shares in the last quarter. Hantz Financial Services Inc. grew its position in shares of RPC by 940.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 9,113 shares of the oil and gas company’s stock worth $43,000 after buying an additional 8,237 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of RPC in the 4th quarter worth approximately $48,000. Finally, CWM LLC raised its stake in shares of RPC by 88.2% during the 4th quarter. CWM LLC now owns 9,316 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 4,365 shares in the last quarter. 41.06% of the stock is currently owned by hedge funds and other 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.