RPC (NYSE:RES) Shares Gap Up - Here's What Happened

RPC, Inc. (NYSE:RES - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $4.87, but opened at $5.05. RPC shares last traded at $5.07, with a volume of 324,617 shares.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RES. Citigroup upgraded RPC from a "sell" rating to a "neutral" rating and cut their price target for the stock from $5.50 to $4.75 in a report on Tuesday, April 8th. Susquehanna decreased their target price on RPC from $6.00 to $5.50 and set a "neutral" rating on the stock in a research report on Monday, April 14th.

RPC Stock Down 0.3%

The stock's 50 day simple moving average is $4.78 and its two-hundred day simple moving average is $5.51. The company has a market cap of $1.12 billion, a PE ratio of 11.76 and a beta of 0.85.

RPC (NYSE:RES - Get Free Report) last announced its earnings results on Thursday, April 24th. The oil and gas company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.01). The company had revenue of $332.88 million for the quarter, compared to analysts' expectations of $326.72 million. RPC had a net margin of 6.46% and a return on equity of 8.62%. The business's quarterly revenue was down 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.13 earnings per share. Analysts forecast that RPC, Inc. will post 0.31 EPS for the current year.

RPC Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Friday, May 9th. RPC's dividend payout ratio (DPR) is currently 44.44%.

Institutional Investors Weigh In On RPC

A number of institutional investors have recently modified their holdings of the stock. Jane Street Group LLC boosted its holdings in shares of RPC by 1,009.5% in the 4th quarter. Jane Street Group LLC now owns 82,124 shares of the oil and gas company's stock valued at $488,000 after buying an additional 74,722 shares during the period. XTX Topco Ltd acquired a new position in RPC during the 4th quarter valued at about $69,000. Ameriprise Financial Inc. boosted its stake in RPC by 3.6% during the 4th quarter. Ameriprise Financial Inc. now owns 650,616 shares of the oil and gas company's stock valued at $3,865,000 after purchasing an additional 22,348 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in RPC by 16.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,014 shares of the oil and gas company's stock valued at $191,000 after acquiring an additional 4,450 shares during the last quarter. Finally, Deutsche Bank AG grew its position in RPC by 178.3% in the fourth quarter. Deutsche Bank AG now owns 183,418 shares of the oil and gas company's stock worth $1,090,000 after buying an additional 117,518 shares during the last quarter. Institutional investors and hedge funds own 41.06% of the company's stock.

RPC Company Profile

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.