RPC (NYSE:RES) Issues Quarterly Earnings Results

Key Points

• RPC reported earnings of $0.08 per share, missing expectations of $0.09, while quarterly revenue reached $420.81 million, a 15.5% year-over-year increase.
• The company declared a quarterly dividend of $0.04, amounting to an annualized dividend yield of 3.34%.
• Several analysts revised their price targets for RPC, with Susquehanna lowering their target from $5.50 to $5.00 and maintaining a "neutral" rating.

RPC (NYSE:RES - Get Free Report) released its quarterly earnings data on Thursday. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01), Zacks reports. RPC had a net margin of 3.77% and a return on equity of 5.65%. The company had revenue of $420.81 million during the quarter, compared to analysts' expectations of $421.08 million. During the same period last year, the firm earned $0.15 earnings per share. RPC's quarterly revenue was up 15.5% on a year-over-year basis.

RPC Trading Down 0.3%

Shares of RES stock traded down $0.02 during trading on Friday, hitting $4.80. 1,721,587 shares of the stock traded hands, compared to its average volume of 1,967,943. The firm has a market capitalization of $1.06 billion, a P/E ratio of 18.44 and a beta of 0.85. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.64 and a quick ratio of 4.18. The firm's fifty day moving average price is $4.84 and its 200-day moving average price is $5.30. RPC has a 52-week low of $4.10 and a 52-week high of $7.53.

RPC Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 11th will be paid a $0.04 dividend. The ex-dividend date is Monday, August 11th. This represents a $0.16 annualized dividend and a dividend yield of 3.34%. RPC's dividend payout ratio (DPR) is 61.54%.

Institutional Investors Weigh In On RPC

Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its stake in shares of RPC by 1.1% in the first quarter. AQR Capital Management LLC now owns 544,365 shares of the oil and gas company's stock valued at $2,994,000 after purchasing an additional 5,914 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of RPC by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,558 shares of the oil and gas company's stock valued at $278,000 after purchasing an additional 2,190 shares during the period. Finally, Strs Ohio purchased a new position in shares of RPC in the first quarter valued at approximately $92,000. 41.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Susquehanna lowered their price target on shares of RPC from $5.50 to $5.00 and set a "neutral" rating for the company in a research report on Friday. Piper Sandler set a $5.00 price target on RPC and gave the stock an "underweight" rating in a research report on Monday, July 14th. Citigroup upgraded shares of RPC from a "sell" rating to a "neutral" rating and cut their price target for the company from $5.50 to $4.75 in a research note on Tuesday, April 8th. Finally, Stifel Nicolaus cut their price target on shares of RPC from $6.00 to $5.00 and set a "hold" rating on the stock in a research note on Wednesday, July 16th.

About RPC

RPC, Inc, through its subsidiaries, engages provision of 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 segment 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.