Zacks Investment Research upgraded shares of RPC, Inc. (NYSE:RES) from a hold rating to a buy rating in a research note issued to investors on Tuesday, October 17th. They currently have $26.00 price target on the oil and gas company’s stock.
According to Zacks, “RPC, Inc. provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties. It operates its business through two business segments- Technical Services and Support Services. Services and products offered by the Company include Cudd Pumping, Coiled Tubing, Snubbing, Nitrogen Units, Thru Tubing Solutions, Wireline, Fluid Pumps, Well Control, Production Rental Tools, Patterson Rental Tools, Patterson Tubular Services and Well Control School. The Company’s products and services can be found throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. RPC, Inc. is headquartered in Atlanta, Georgia. “
Several other research analysts have also recently issued reports on RES. Cowen and Company set a $24.00 price target on RPC and gave the stock a hold rating in a research note on Friday, October 6th. Piper Jaffray Companies reissued a neutral rating and issued a $20.50 price target (up previously from $18.75) on shares of RPC in a research note on Wednesday, July 12th. Citigroup Inc. increased their price target on RPC from $23.00 to $25.00 and gave the stock a neutral rating in a research note on Thursday, October 5th. Deutsche Bank AG began coverage on RPC in a research note on Tuesday, October 10th. They issued a hold rating and a $25.00 price target for the company. Finally, Seaport Global Securities reissued a neutral rating on shares of RPC in a research note on Wednesday, July 26th. Fourteen investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $23.71.
Shares of RPC (RES) traded up $0.87 during trading hours on Tuesday, hitting $26.37. 677,425 shares of the stock traded hands, compared to its average volume of 1,544,921. The company has a market capitalization of $5,522.94, a P/E ratio of 65.39, a price-to-earnings-growth ratio of 1.75 and a beta of 1.16. RPC has a 52-week low of $16.48 and a 52-week high of $25.72.
RPC (NYSE:RES) last issued its earnings results on Wednesday, October 25th. The oil and gas company reported $0.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.03). RPC had a return on equity of 10.31% and a net margin of 6.03%. The company had revenue of $471.00 million during the quarter, compared to analyst estimates of $474.41 million. During the same period in the prior year, the business earned ($0.18) earnings per share. RPC’s quarterly revenue was up 167.8% on a year-over-year basis. equities research analysts forecast that RPC will post 0.81 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, November 10th will be paid a $0.07 dividend. This is an increase from RPC’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 1.06%. The ex-dividend date is Thursday, November 9th. RPC’s dividend payout ratio is currently 28.95%.
In other RPC news, Director Amy Rollins Kreisler acquired 5,000 shares of RPC stock in a transaction that occurred on Friday, October 27th. The stock was purchased at an average cost of $23.21 per share, with a total value of $116,050.00. Following the purchase, the director now owns 5,000 shares in the company, valued at $116,050. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 73.50% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its stake in shares of RPC by 7.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock worth $132,000 after purchasing an additional 459 shares in the last quarter. Calamos Advisors LLC purchased a new stake in shares of RPC during the 3rd quarter worth about $206,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of RPC during the 3rd quarter worth about $216,000. FDx Advisors Inc. purchased a new stake in shares of RPC during the 3rd quarter worth about $237,000. Finally, Bbva Compass Bancshares Inc. acquired a new position in shares of RPC during the 2nd quarter valued at about $219,000. 38.73% of the stock is owned by institutional investors.
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
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