RPC (NYSE:RES) Shares Gap Down Following Weak Earnings

RPC, Inc. (NYSE:RES)’s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $7.92, but opened at $7.37. RPC shares last traded at $7.08, with a volume of 1,014,865 shares.

The oil and gas company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). The business had revenue of $377.80 million during the quarter, compared to analyst estimates of $393.33 million. RPC had a return on equity of 15.02% and a net margin of 9.95%. The firm’s revenue for the quarter was down 20.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 EPS.

RPC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be paid a $0.04 dividend. The ex-dividend date is Thursday, May 9th. This represents a $0.16 dividend on an annualized basis and a yield of 2.28%. RPC’s dividend payout ratio (DPR) is 22.86%.

Analysts Set New Price Targets

Separately, Susquehanna dropped their target price on RPC from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Friday, April 26th.

Institutional Investors Weigh In On RPC

A number of large investors have recently made changes to their positions in RES. GSA Capital Partners LLP lifted its holdings in RPC by 198.2% in the first quarter. GSA Capital Partners LLP now owns 123,811 shares of the oil and gas company’s stock valued at $958,000 after acquiring an additional 82,293 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in RPC in the first quarter valued at approximately $156,000. Jennison Associates LLC lifted its stake in RPC by 7.2% during the first quarter. Jennison Associates LLC now owns 102,009 shares of the oil and gas company’s stock worth $790,000 after purchasing an additional 6,847 shares in the last quarter. Van ECK Associates Corp lifted its stake in RPC by 0.7% during the first quarter. Van ECK Associates Corp now owns 2,998,405 shares of the oil and gas company’s stock worth $23,207,000 after purchasing an additional 19,702 shares in the last quarter. Finally, Wasatch Advisors LP acquired a new position in RPC during the first quarter worth $1,239,000. 41.06% of the stock is currently owned by hedge funds and other institutional investors.

RPC Price Performance

The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 9.67 and a beta of 1.65. The firm has a 50 day moving average price of $7.58 and a 200-day moving average price of $7.43.

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.