RPC (NYSE:RES) Reaches New 1-Year High - Here's What Happened

Key Points

• 52-week high: RPC (NYSE:RES) shares reached a new 52-week high of $7.19 (last $7.155) on Tuesday, up about 4.1% with roughly 1.11 million shares traded.
• Analysts cautious: The consensus is an average "Reduce" rating (four Holds and one Sell) with an average price target of $5.25, notably below the current share price.
• Mixed fundamentals: RPC reported quarterly EPS of $0.04 (missed estimates) while revenue rose 26.9% YoY, and it pays a $0.16 annual dividend (2.2% yield) but with a payout ratio of 106.67%.

RPC, Inc. (NYSE:RES - Get Free Report) shares hit a new 52-week high on Tuesday . The stock traded as high as $7.19 and last traded at $7.1550, with a volume of 1110630 shares changing hands. The stock had previously closed at $6.89.

Analysts Set New Price Targets

Several analysts have commented on RES shares. Citigroup increased their target price on RPC from $5.75 to $6.00 and gave the company a "neutral" rating in a research note on Thursday, December 11th. Susquehanna boosted their price target on RPC from $5.50 to $6.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 7th. Wall Street Zen downgraded RPC from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Piper Sandler reaffirmed an "underweight" rating on shares of RPC in a research report on Thursday, December 18th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of RPC in a report on Monday, December 29th. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $5.25.

RPC Stock Up 4.1%

The company has a quick ratio of 2.70, a current ratio of 3.24 and a debt-to-equity ratio of 0.03. The company has a fifty day simple moving average of $6.17 and a 200-day simple moving average of $5.51. The firm has a market cap of $1.59 billion, a P/E ratio of 47.90 and a beta of 0.69.

RPC (NYSE:RES - Get Free Report) last announced its quarterly earnings data on Tuesday, February 3rd. The oil and gas company reported $0.04 EPS 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 for the quarter, compared to the consensus estimate of $423.30 million. During the same quarter in the previous year, the business earned $0.06 earnings per share. The firm's revenue for the quarter was up 26.9% on a year-over-year basis. On average, equities analysts anticipate that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 10th were issued a $0.04 dividend. The ex-dividend date was Tuesday, February 10th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.2%. RPC's payout ratio is 106.67%.

Institutional Trading of RPC

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allianz Asset Management GmbH purchased a new position in shares of RPC during the third quarter valued at approximately $491,000. Congress Asset Management Co. bought a new stake in shares of RPC during the 3rd quarter worth approximately $5,959,000. Arrowstreet Capital Limited Partnership boosted its holdings in RPC by 31.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,800,246 shares of the oil and gas company's stock valued at $13,245,000 after acquiring an additional 670,432 shares during the period. Citigroup Inc. boosted its holdings in RPC by 100.4% during the 3rd quarter. Citigroup Inc. now owns 429,767 shares of the oil and gas company's stock valued at $2,046,000 after acquiring an additional 215,350 shares during the period. Finally, American Century Companies Inc. grew its position in RPC by 8.4% in the 3rd quarter. American Century Companies Inc. now owns 3,960,190 shares of the oil and gas company's stock valued at $18,851,000 after acquiring an additional 308,361 shares during the last quarter. Hedge funds and other institutional investors own 41.06% of the company's stock.

RPC Company Profile

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.

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