RPC (NYSE:RES) Shares Gap Down – Time to Sell?

RPC, Inc. (NYSE:RES) gapped down before the market opened on Monday . The stock had previously closed at $6.83, but opened at $6.46. RPC shares last traded at $6.8650, with a volume of 157,220 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RES. Wall Street Zen downgraded RPC from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Piper Sandler restated an “underweight” rating on shares of RPC in a research report on Thursday, December 18th. Weiss Ratings restated a “hold (c-)” rating on shares of RPC in a report on Monday, December 29th. Susquehanna increased their target price on shares of RPC from $5.50 to $6.00 and gave the company 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 stock 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $5.25.

RPC Stock Performance

The stock has a market cap of $1.52 billion, a PE ratio of 45.70 and a beta of 0.69. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.24 and a quick ratio of 2.70. The stock has a 50-day simple moving average of $6.15 and a 200-day simple moving average of $5.49.

RPC (NYSE:RES) last released its quarterly earnings data 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). RPC had a net margin of 1.97% and a return on equity of 5.24%. The firm had revenue of $425.78 million during the quarter, compared to analyst estimates of $423.30 million. During the same period in the prior year, the firm earned $0.06 earnings per share. The business’s revenue for the quarter was up 26.9% on a year-over-year basis. Equities analysts predict that RPC, Inc. will post 0.31 earnings per share for the current fiscal year.

RPC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 10th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 2.3%. The ex-dividend date was Tuesday, February 10th. RPC’s payout ratio is currently 106.67%.

Hedge Funds Weigh In On RPC

Hedge funds have recently made changes to their positions in the business. Virtu Financial LLC acquired a new position in shares of RPC during the 4th quarter valued at $100,000. Invesco Ltd. raised its position in RPC by 0.5% in the fourth quarter. Invesco Ltd. now owns 1,086,721 shares of the oil and gas company’s stock valued at $5,912,000 after purchasing an additional 5,211 shares during the period. Mercer Global Advisors Inc. ADV raised its position in RPC by 52.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 23,125 shares of the oil and gas company’s stock valued at $126,000 after purchasing an additional 7,918 shares during the period. Vident Advisory LLC acquired a new position in shares of RPC during the fourth quarter worth about $601,000. Finally, Empowered Funds LLC lifted its stake in shares of RPC by 3.5% during the fourth quarter. Empowered Funds LLC now owns 1,053,024 shares of the oil and gas company’s stock worth $5,728,000 after purchasing an additional 35,975 shares in the last quarter. Hedge funds and other institutional investors own 41.06% of the company’s stock.

About RPC

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.