RPC, Inc. (RES) Downgraded by Raymond James Financial, Inc.

Raymond James Financial, Inc. downgraded shares of RPC, Inc. (NYSE:RES) from a strong-buy rating to an outperform rating in a research note published on Thursday, Marketbeat.com reports.

RES has been the subject of several other research reports. Credit Suisse Group cut shares of RPC from an outperform rating to a neutral rating in a research note on Friday, October 13th. They noted that the move was a valuation call. Barclays PLC started coverage on shares of RPC in a research note on Tuesday, September 5th. They issued an equal weight rating and a $19.00 price objective for the company. Jefferies Group LLC set a $26.00 price objective on shares of RPC and gave the company a buy rating in a research note on Monday, August 28th. Deutsche Bank AG started coverage on shares of RPC in a research note on Tuesday, October 10th. They issued a hold rating and a $25.00 price objective for the company. Finally, Citigroup Inc. raised their price objective on shares of RPC from $23.00 to $25.00 and gave the company a neutral rating in a research note on Thursday, October 5th. Fourteen equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $23.71.

RPC (NYSE:RES) traded up 2.32% during midday trading on Thursday, hitting $23.42. 1,484,996 shares of the stock traded hands. The stock’s market cap is $5.09 billion. The company has a 50-day moving average price of $23.03 and a 200 day moving average price of $20.40. RPC has a one year low of $16.48 and a one year high of $25.00.

RPC (NYSE:RES) last released its earnings results on Wednesday, October 25th. The oil and gas company reported $0.26 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.03). RPC had a return on equity of 10.51% and a net margin of 6.03%. The firm had revenue of $471.00 million during the quarter, compared to analyst estimates of $474.41 million. During the same quarter last year, the business posted ($0.18) EPS. The firm’s revenue was up 167.8% on a year-over-year basis. Equities research analysts anticipate that RPC will post $0.83 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 10th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, November 9th. This is an increase from RPC’s previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.20%. RPC’s payout ratio is 28.95%.

Several hedge funds and other institutional investors have recently modified their holdings of RES. The Manufacturers Life Insurance Company grew its holdings in shares of RPC by 7.6% during 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 in the last quarter. Calamos Advisors LLC purchased a new stake in shares of RPC during the third quarter worth about $206,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of RPC during the third quarter worth about $216,000. Bbva Compass Bancshares Inc. purchased a new stake in shares of RPC during the second quarter worth about $219,000. Finally, Amalgamated Bank purchased a new stake in shares of RPC during the second quarter worth about $223,000. Institutional investors and hedge funds own 38.05% of the company’s stock.

RPC Company Profile

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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