RPC (NYSE:RES) Posts Earnings Results, Misses Expectations By $0.01 EPS

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) posted its earnings results on Thursday. The oil and gas company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01), Zacks reports. The firm had revenue of $420.81 million during the quarter, compared to analyst estimates of $421.08 million. RPC had a net margin of 3.77% and a return on equity of 5.65%. RPC's revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.15 EPS.

RPC Stock Performance

RES stock traded down $0.14 during midday trading on Wednesday, reaching $4.78. 2,282,176 shares of the company's stock traded hands, compared to its average volume of 1,668,229. The company has a 50-day moving average price of $4.85 and a two-hundred day moving average price of $5.28. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.16 and a current ratio of 2.64. RPC has a 52 week low of $4.10 and a 52 week high of $7.53. The firm has a market capitalization of $1.05 billion, a PE ratio of 18.39 and a beta of 0.85.

RPC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 11th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Monday, August 11th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 3.35%. RPC's dividend payout ratio (DPR) is presently 61.54%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RES. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of RPC by 4.5% during 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 acquiring an additional 2,190 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of RPC by 1.1% during 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 acquiring an additional 5,914 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of RPC during the first quarter valued at about $92,000. 41.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus reduced their price target on RPC from $6.00 to $5.00 and set a "hold" rating on the stock in a research report on Wednesday, July 16th. Susquehanna reduced their price target on RPC from $5.50 to $5.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. 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. Finally, Citigroup raised RPC from a "sell" rating to a "neutral" rating and reduced their target price for the company from $5.50 to $4.75 in a report on Tuesday, April 8th.

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.