RPC (NYSE:RES) Stock Price Down 6.1% - Here's Why

Shares of RPC, Inc. (NYSE:RES - Get Free Report) fell 6.1% during mid-day trading on Monday . The stock traded as low as $4.84 and last traded at $4.83. 1,373,132 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 1,673,327 shares. The stock had previously closed at $5.14.

Analyst Ratings Changes

Several brokerages recently issued reports on RES. Citigroup upgraded RPC from a "sell" rating to a "neutral" rating and cut their price target for the company from $5.50 to $4.75 in a research note on Tuesday, April 8th. Susquehanna cut their target price on RPC from $6.00 to $5.50 and set a "neutral" rating for the company in a research note on Monday, April 14th.

RPC Stock Up 1.4%

The firm has a 50 day simple moving average of $4.82 and a two-hundred day simple moving average of $5.45. The stock has a market capitalization of $1.04 billion, a P/E ratio of 13.13 and a beta of 0.85.

RPC (NYSE:RES - Get Free Report) last released its earnings results on Thursday, April 24th. The oil and gas company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01). RPC had a return on equity of 7.08% and a net margin of 5.55%. The business had revenue of $332.88 million for the quarter, compared to the consensus estimate of $326.72 million. During the same quarter in the previous year, the company earned $0.13 earnings per share. The firm's revenue for the quarter was down 11.9% on a year-over-year basis. On average, research analysts predict 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, June 10th. Shareholders of record on Friday, May 9th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend was Friday, May 9th. RPC's payout ratio is presently 44.44%.

Institutional Investors Weigh In On RPC

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of Wyoming acquired a new position in shares of RPC during the first quarter worth $53,000. Raymond James Financial Inc. acquired a new position in shares of RPC during the fourth quarter worth $64,000. Ieq Capital LLC acquired a new position in shares of RPC during the fourth quarter worth $65,000. Vise Technologies Inc. acquired a new position in shares of RPC during the fourth quarter worth $66,000. Finally, Renaissance Technologies LLC acquired a new position in shares of RPC during the fourth quarter worth $68,000. 41.06% of the stock is currently owned by institutional investors.

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.