Jefferies Group LLC Reiterates “$26.00” Price Target for RPC, Inc. (RES)
Several other brokerages have also issued reports on RES. Seaport Global Securities reaffirmed a neutral rating on shares of RPC in a research note on Wednesday, July 26th. Cowen and Company lifted their price target on RPC from $20.00 to $24.00 and gave the stock a market perform rating in a research note on Thursday, July 27th. Zacks Investment Research lowered RPC from a buy rating to a hold rating in a research note on Tuesday, July 18th. Morgan Stanley dropped their price target on RPC from $24.00 to $23.00 and set an equal weight rating for the company in a research note on Wednesday, June 21st. Finally, Piper Jaffray Companies reaffirmed a neutral rating and set a $20.50 price target (up previously from $18.75) on shares of RPC in a research note on Wednesday, July 12th. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $22.91.
Shares of RPC (RES) opened at 18.82 on Monday. The company has a 50-day moving average price of $20.10 and a 200-day moving average price of $19.43. The firm’s market capitalization is $4.09 billion. RPC has a 12 month low of $14.18 and a 12 month high of $23.36.
RPC (NYSE:RES) last posted its quarterly earnings data on Wednesday, July 26th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.06. RPC had a negative return on equity of 1.74% and a negative net margin of 1.15%. The company had revenue of $399 million during the quarter, compared to analyst estimates of $415.65 million. During the same quarter last year, the company earned ($0.23) earnings per share. The firm’s quarterly revenue was up 179.0% on a year-over-year basis. Equities analysts forecast that RPC will post $0.81 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Thursday, August 10th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date is Tuesday, August 8th. This is a positive change from RPC’s previous quarterly dividend of $0.05. RPC’s payout ratio is -183.30%.
Several large investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its stake in RPC by 7.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock worth $132,000 after buying an additional 459 shares during the period. Flinton Capital Management LLC raised its stake in RPC by 86.9% in the first quarter. Flinton Capital Management LLC now owns 7,296 shares of the oil and gas company’s stock worth $134,000 after buying an additional 3,392 shares during the period. Meadow Creek Investment Management LLC raised its stake in RPC by 86.9% in the first quarter. Meadow Creek Investment Management LLC now owns 10,032 shares of the oil and gas company’s stock worth $184,000 after buying an additional 4,664 shares during the period. Pacer Advisors Inc. raised its stake in RPC by 22.0% in the first quarter. Pacer Advisors Inc. now owns 10,144 shares of the oil and gas company’s stock worth $186,000 after buying an additional 1,830 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in RPC by 40.9% in the first quarter. BNP Paribas Arbitrage SA now owns 10,503 shares of the oil and gas company’s stock worth $192,000 after buying an additional 3,048 shares during the period. 38.18% of the stock is owned by institutional investors.
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
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