RPC (NYSE:RES) Shares Gap Down to $5.46


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RPC, Inc. (NYSE:RES) shares gapped down before the market opened on Thursday . The stock had previously closed at $5.46, but opened at $5.34. RPC shares last traded at $5.22, with a volume of 1,476 shares traded.

Several equities research analysts have weighed in on RES shares. Piper Sandler increased their price target on RPC from $3.10 to $3.25 and gave the stock a “neutral” rating in a research report on Thursday, December 24th. They noted that the move was a valuation call. Citigroup raised their price target on shares of RPC from $3.00 to $3.50 in a research note on Wednesday, February 17th. Morgan Stanley raised their price target on shares of RPC from $3.50 to $4.00 and gave the company an “underweight” rating in a research note on Wednesday, March 31st. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their price target on shares of RPC from $2.20 to $3.00 in a research note on Tuesday, December 15th. Finally, Smith Barney Citigroup raised their price target on shares of RPC from $2.20 to $3.00 in a research note on Tuesday, December 15th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $3.39.

The stock’s 50 day simple moving average is $5.79 and its two-hundred day simple moving average is $3.97. The firm has a market capitalization of $1.15 billion, a PE ratio of -5.10 and a beta of 2.13. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.71 and a current ratio of 4.61.

RPC (NYSE:RES) last announced its quarterly earnings results on Wednesday, January 27th. The oil and gas company reported ($0.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.05. The business had revenue of $148.60 million during the quarter, compared to the consensus estimate of $125.46 million. RPC had a negative net margin of 32.86% and a negative return on equity of 9.35%. The business’s revenue was down 37.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.07) EPS. Equities research analysts expect that RPC, Inc. will post -0.33 earnings per share for the current fiscal year.

In other RPC news, CEO Gary W. Rollins sold 175,000 shares of the business’s stock in a transaction on Thursday, March 4th. The shares were sold at an average price of $6.48, for a total value of $1,134,000.00. Following the completion of the transaction, the chief executive officer now owns 5,199,461 shares in the company, valued at $33,692,507.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Gary W. Rollins sold 150,000 shares of the business’s stock in a transaction on Wednesday, March 24th. The stock was sold at an average price of $5.14, for a total transaction of $771,000.00. Following the completion of the transaction, the chief executive officer now owns 5,199,461 shares of the company’s stock, valued at approximately $26,725,229.54. The disclosure for this sale can be found here. Insiders sold a total of 1,920,000 shares of company stock valued at $11,664,850 in the last quarter. 73.60% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of RES. Marshall Wace North America L.P. acquired a new position in shares of RPC in the first quarter worth $25,000. California Public Employees Retirement System grew its stake in shares of RPC by 5.3% in the third quarter. California Public Employees Retirement System now owns 133,773 shares of the oil and gas company’s stock worth $353,000 after acquiring an additional 6,700 shares in the last quarter. BlackRock Inc. grew its stake in shares of RPC by 2.4% in the third quarter. BlackRock Inc. now owns 9,044,362 shares of the oil and gas company’s stock worth $23,878,000 after acquiring an additional 215,448 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of RPC in the third quarter worth $57,000. Finally, State Street Corp lifted its position in shares of RPC by 2.5% during the 3rd quarter. State Street Corp now owns 2,045,044 shares of the oil and gas company’s stock worth $5,399,000 after purchasing an additional 49,595 shares during the last quarter. Institutional investors and hedge funds own 25.72% of the company’s stock.

About RPC (NYSE:RES)

RPC, Inc, through its subsidiaries, provides 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 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.

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