RPC (NYSE:RES) Stock Price Down 5.8% – Here’s Why

RPC, Inc. (NYSE:RES) shares dropped 5.8% during mid-day trading on Friday . The company traded as low as $6.01 and last traded at $6.01. Approximately 119,742 shares traded hands during trading, a decline of 93% from the average daily volume of 1,672,640 shares. The stock had previously closed at $6.38.

Analyst Upgrades and Downgrades

RES has been the topic of several research analyst reports. Susquehanna lowered their target price on shares of RPC from $6.50 to $6.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Stifel Nicolaus decreased their price target on shares of RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Friday, October 11th.

RPC Trading Down 8.5 %

The firm has a market cap of $1.26 billion, a P/E ratio of 10.43 and a beta of 1.61. The stock has a 50 day simple moving average of $6.31 and a 200-day simple moving average of $6.33.

RPC (NYSE:RES) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). RPC had a return on equity of 11.36% and a net margin of 8.07%. The business had revenue of $337.70 million during the quarter, compared to the consensus estimate of $365.33 million. During the same quarter in the prior year, the firm posted $0.08 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, equities analysts forecast that RPC, Inc. will post 0.43 earnings per share for the current fiscal year.

RPC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Friday, November 8th. RPC’s dividend payout ratio is 28.57%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its position in RPC by 3.7% during the second quarter. The Manufacturers Life Insurance Company now owns 51,819 shares of the oil and gas company’s stock valued at $324,000 after purchasing an additional 1,869 shares during the period. HighTower Advisors LLC increased its position in shares of RPC by 6.1% during the 3rd quarter. HighTower Advisors LLC now owns 40,082 shares of the oil and gas company’s stock valued at $252,000 after purchasing an additional 2,288 shares during the last quarter. Franklin Resources Inc. raised its holdings in RPC by 8.5% during the 3rd quarter. Franklin Resources Inc. now owns 46,272 shares of the oil and gas company’s stock valued at $324,000 after buying an additional 3,633 shares during the period. Price T Rowe Associates Inc. MD lifted its position in RPC by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 24,393 shares of the oil and gas company’s stock worth $189,000 after buying an additional 3,650 shares during the last quarter. Finally, CWM LLC lifted its position in RPC by 256.5% in the second quarter. CWM LLC now owns 5,112 shares of the oil and gas company’s stock worth $32,000 after buying an additional 3,678 shares during the last quarter. Hedge funds and other institutional investors own 41.06% of the company’s stock.

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.