RPC (NYSE:RES) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of RPC (NYSE:RES) from a buy rating to a hold rating in a research note released on Sunday.

Several other brokerages also recently weighed in on RES. Weiss Ratings reiterated a “sell (d+)” rating on shares of RPC in a report on Wednesday, October 8th. Piper Sandler decreased their target price on RPC from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Thursday, August 14th. Finally, Susquehanna lowered their target price on shares of RPC from $5.50 to $5.00 and set a “neutral” rating for the company in a research note on Friday, July 25th. Three research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $4.69.

RPC Trading Up 1.4%

Shares of RES opened at $5.32 on Friday. The company’s fifty day simple moving average is $4.85 and its 200-day simple moving average is $4.79. The company has a market cap of $1.17 billion, a P/E ratio of 20.44 and a beta of 0.80. The company has a current ratio of 2.64, a quick ratio of 2.16 and a debt-to-equity ratio of 0.03. RPC has a twelve month low of $4.10 and a twelve month high of $7.17.

RPC (NYSE:RES) last released its quarterly earnings results on Wednesday, November 16th. The oil and gas company reported $0.02 EPS for the quarter. RPC had a net margin of 3.77% and a return on equity of 5.65%. The firm had revenue of $225.31 million during the quarter. As a group, analysts expect that RPC will post 0.31 EPS for the current year.

RPC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Monday, November 10th will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 3.0%. The ex-dividend date is Monday, November 10th. RPC’s dividend payout ratio is presently 69.57%.

Institutional Investors Weigh In On RPC

Hedge funds have recently modified their holdings of the business. Caxton Associates LLP purchased a new stake in RPC during the first quarter worth $344,000. New York State Common Retirement Fund lifted its stake in shares of RPC by 81.8% during the 1st quarter. New York State Common Retirement Fund now owns 170,701 shares of the oil and gas company’s stock worth $939,000 after purchasing an additional 76,800 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in RPC during the second quarter valued at about $47,000. Range Financial Group LLC purchased a new position in RPC in the second quarter valued at about $1,309,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in RPC in the first quarter valued at about $1,432,000. Hedge funds and other institutional investors 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.