RPC (NYSE:RES) Share Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• RPC shares briefly crossed above their 200-day moving average of $6.46, reaching $6.47 before last trading at $6.3450; the stock has a $1.41 billion market capitalization.
• Analyst sentiment remains cautious: three analysts rate RPC a Hold and one rates it Sell, producing a consensus “Reduce” rating and an average price target of $6.00.
• RPC exceeded quarterly earnings expectations with EPS of $0.08 versus $0.04 forecast, while revenue rose 9.5% year over year to $460.87 million. The company also declared a quarterly dividend of $0.04, equivalent to a 2.5% yield.

Shares of RPC, Inc. (NYSE:RES - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $6.46 and traded as high as $6.47. RPC shares last traded at $6.3450, with a volume of 1,508,930 shares traded.

Wall Street Analysts Forecast Growth

RES has been the subject of several recent analyst reports. Susquehanna decreased their price objective on shares of RPC from $7.50 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, July 8th. Weiss Ratings cut RPC from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, August 14th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $6.00.

RPC Trading Up 0.4%

The business has a fifty day moving average of $5.99 and a 200-day moving average of $6.46. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 70.50 and a beta of 0.67. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.34 and a quick ratio of 2.76.

RPC (NYSE:RES - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. RPC had a net margin of 1.28% and a return on equity of 4.82%. The firm had revenue of $460.87 million for the quarter, compared to analysts' expectations of $463.48 million. During the same period in the previous year, the business earned $0.08 earnings per share. RPC's revenue for the quarter was up 9.5% compared to the same quarter last year. On average, equities analysts anticipate that RPC, Inc. will post 0.26 earnings per share for the current fiscal year.

RPC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 10th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, August 10th. RPC's payout ratio is presently 177.78%.

Institutional Trading of RPC

A number of large investors have recently added to or reduced their stakes in RES. EverSource Wealth Advisors LLC grew its position in RPC by 220.6% in the second quarter. EverSource Wealth Advisors LLC now owns 6,533 shares of the oil and gas company's stock worth $31,000 after buying an additional 4,495 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of RPC by 243.4% during the second quarter. Tower Research Capital LLC TRC now owns 8,681 shares of the oil and gas company's stock valued at $41,000 after purchasing an additional 6,153 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of RPC during the fourth quarter valued at $48,000. CWM LLC lifted its holdings in shares of RPC by 88.2% during the fourth quarter. CWM LLC now owns 9,316 shares of the oil and gas company's stock valued at $51,000 after purchasing an additional 4,365 shares during the last quarter. Finally, State of Wyoming acquired a new position in shares of RPC in the 2nd quarter valued at $54,000. 41.06% of the stock is currently owned by institutional investors.

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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