RPC (NYSE:RES) Shares Gap Down After Earnings Miss

RPC, Inc. (NYSE:RES - Get Free Report)'s share price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $5.00, but opened at $4.61. RPC shares last traded at $4.76, with a volume of 1,771,053 shares.

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). RPC had a net margin of 5.55% and a return on equity of 7.08%. The firm had revenue of $420.81 million for the quarter, compared to analyst estimates of $421.08 million. During the same period last year, the firm earned $0.15 earnings per share. RPC's revenue for the quarter was up 15.5% compared to the same quarter last year.

RPC Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 11th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 3.38%. RPC's dividend payout ratio (DPR) is 44.44%.

Analyst Ratings Changes

RES has been the subject of a number of research reports. Susquehanna lowered their price target on shares of RPC from $6.00 to $5.50 and set a "neutral" rating for the company in a report on Monday, April 14th. Stifel Nicolaus cut their target price on shares of RPC from $6.00 to $5.00 and set a "hold" rating on the stock in a research report on Wednesday, July 16th. Piper Sandler set a $5.00 target price on shares of RPC and gave the company an "underweight" rating in a report on Monday, July 14th. Finally, Citigroup raised shares of RPC from a "sell" rating to a "neutral" rating and decreased their target price for the stock from $5.50 to $4.75 in a research report on Tuesday, April 8th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RES. State of Wyoming purchased a new stake in shares of RPC in the first quarter valued at about $53,000. Raymond James Financial Inc. acquired a new stake in RPC during the fourth quarter worth approximately $64,000. Vise Technologies Inc. purchased a new position in shares of RPC during the fourth quarter worth approximately $66,000. Renaissance Technologies LLC purchased a new position in shares of RPC during the fourth quarter worth approximately $68,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new position in RPC in the 1st quarter valued at $64,000. Hedge funds and other institutional investors own 41.06% of the company's stock.

RPC Stock Performance

The company has a market capitalization of $1.04 billion, a PE ratio of 13.15 and a beta of 0.85. The firm's 50-day simple moving average is $4.84 and its 200 day simple moving average is $5.32.

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.

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