Zacks: Brokerages Anticipate RPC, Inc. (RES) Will Announce Quarterly Sales of $460.08 Million

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Brokerages predict that RPC, Inc. (NYSE:RES) will announce sales of $460.08 million for the current quarter, Zacks reports. Nine analysts have issued estimates for RPC’s earnings, with the highest sales estimate coming in at $480.00 million and the lowest estimate coming in at $441.90 million. RPC posted sales of $471.00 million in the same quarter last year, which would indicate a negative year over year growth rate of 2.3%. The business is expected to report its next quarterly earnings results on Wednesday, October 24th.

On average, analysts expect that RPC will report full year sales of $1.80 billion for the current fiscal year, with estimates ranging from $1.75 billion to $1.86 billion. For the next fiscal year, analysts forecast that the firm will report sales of $1.83 billion, with estimates ranging from $1.66 billion to $2.08 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for RPC.

RPC (NYSE:RES) last released its quarterly earnings results on Wednesday, July 25th. The oil and gas company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.01). The firm had revenue of $467.93 million for the quarter, compared to analyst estimates of $488.40 million. RPC had a return on equity of 23.23% and a net margin of 12.60%. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.20 earnings per share.

Several analysts recently weighed in on RES shares. Cowen reissued a “hold” rating and set a $15.00 price target on shares of RPC in a report on Thursday, July 26th. Zacks Investment Research cut RPC from a “hold” rating to a “strong sell” rating in a report on Wednesday, June 27th. BMO Capital Markets cut RPC from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $19.00 to $16.00 in a report on Thursday, August 9th. ValuEngine cut RPC from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 5th. Finally, Citigroup dropped their price objective on RPC from $15.00 to $14.00 and set a “neutral” rating for the company in a report on Friday, September 14th. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $19.94.

A number of hedge funds and other institutional investors have recently made changes to their positions in RES. FMR LLC raised its holdings in RPC by 1,637.7% in the 2nd quarter. FMR LLC now owns 1,127,761 shares of the oil and gas company’s stock valued at $16,431,000 after acquiring an additional 1,062,861 shares in the last quarter. Royce & Associates LP raised its holdings in RPC by 375.0% in the 2nd quarter. Royce & Associates LP now owns 1,170,891 shares of the oil and gas company’s stock valued at $17,060,000 after acquiring an additional 924,379 shares in the last quarter. Carillon Tower Advisers Inc. acquired a new position in shares of RPC during the 1st quarter worth $12,191,000. Russell Investments Group Ltd. raised its holdings in shares of RPC by 3,444.3% during the 1st quarter. Russell Investments Group Ltd. now owns 571,513 shares of the oil and gas company’s stock worth $10,228,000 after buying an additional 555,388 shares in the last quarter. Finally, BTIM Corp. acquired a new position in shares of RPC during the 2nd quarter worth $7,306,000. 31.74% of the stock is owned by hedge funds and other institutional investors.

NYSE:RES traded down $0.07 during mid-day trading on Friday, hitting $15.48. 1,611,600 shares of the stock were exchanged, compared to its average volume of 1,824,659. The stock has a market cap of $3.31 billion, a P/E ratio of 23.57, a PEG ratio of 0.91 and a beta of 0.89. RPC has a fifty-two week low of $12.96 and a fifty-two week high of $27.07.

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 10th. Shareholders of record on Friday, August 10th were issued a $0.10 dividend. The ex-dividend date was Thursday, August 9th. This represents a $0.40 annualized dividend and a yield of 2.58%. RPC’s dividend payout ratio is presently 60.61%.

RPC Company Profile

RPC, Inc 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, 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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