Cowen and Company set a $24.00 target price on RPC, Inc. (NYSE:RES) in a research note issued to investors on Friday morning. The firm currently has a hold rating on the oil and gas company’s stock.

RES has been the subject of several other research reports. Barclays PLC initiated coverage on shares of RPC in a research report on Tuesday, September 5th. They set an equal weight rating and a $19.00 price target for the company. Jefferies Group LLC set a $26.00 price target on shares of RPC and gave the company a buy rating in a research report on Monday, August 28th. Morgan Stanley reduced their price target on shares of RPC from $24.00 to $23.00 and set an equal weight rating for the company in a research report on Wednesday, June 21st. Zacks Investment Research downgraded shares of RPC from a buy rating to a hold rating in a research report on Tuesday, July 18th. Finally, Citigroup Inc. raised their price target on shares of RPC from $23.00 to $25.00 and gave the company a neutral rating in a research report on Thursday, October 5th. Twelve analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $23.26.

RPC (RES) opened at 23.06 on Friday. The stock has a 50 day moving average price of $21.74 and a 200-day moving average price of $19.98. RPC has a 52 week low of $16.48 and a 52 week high of $25.00. The stock’s market cap is $5.01 billion.

RPC (NYSE:RES) last announced its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.06. The company had revenue of $399.00 million during the quarter, compared to the consensus estimate of $415.65 million. RPC had a negative net margin of 1.15% and a negative return on equity of 1.74%. The firm’s quarterly revenue was up 179.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.23) earnings per share. On average, equities analysts anticipate that RPC will post $0.82 EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Thursday, August 10th were issued a $0.06 dividend. The ex-dividend date was Tuesday, August 8th. This represents a $0.24 annualized dividend and a yield of 1.04%. This is a boost from RPC’s previous quarterly dividend of $0.05. RPC’s dividend payout ratio (DPR) is currently -183.30%.

A number of hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC boosted its holdings in RPC by 15.9% in the second quarter. Advisory Services Network LLC now owns 13,028 shares of the oil and gas company’s stock worth $263,000 after purchasing an additional 1,790 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in RPC by 57.0% in the second quarter. Sterling Capital Management LLC now owns 162,749 shares of the oil and gas company’s stock worth $3,289,000 after purchasing an additional 59,109 shares during the last quarter. Susquehanna International Group LLP boosted its holdings in RPC by 168.9% in the second quarter. Susquehanna International Group LLP now owns 15,100 shares of the oil and gas company’s stock worth $305,000 after purchasing an additional 37,000 shares during the last quarter. 361 Capital LLC purchased a new stake in RPC in the second quarter worth approximately $4,043,000. Finally, The Manufacturers Life Insurance Company boosted its holdings 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 purchasing an additional 459 shares during the last quarter. Institutional investors own 38.17% of the company’s stock.

About RPC

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.

Analyst Recommendations for RPC (NYSE:RES)

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