RPC, Inc. (RES) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of RPC, Inc. (NYSE:RES) from a buy rating to a hold rating in a research report report published on Saturday.

According to Zacks, “RPC, Inc. provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties. It operates its business through two business segments- Technical Services and Support Services. Services and products offered by the Company include Cudd Pumping, Coiled Tubing, Snubbing, Nitrogen Units, Thru Tubing Solutions, Wireline, Fluid Pumps, Well Control, Production Rental Tools, Patterson Rental Tools, Patterson Tubular Services and Well Control School. The Company’s products and services can be found throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. RPC, Inc. is headquartered in Atlanta, Georgia. “

Other research analysts have also issued research reports about the stock. TheStreet upgraded shares of RPC from a c+ rating to a b rating in a research report on Wednesday, October 25th. Cowen and Company lifted their price target on shares of RPC from $20.00 to $24.00 and gave the stock a market perform rating in a research report on Thursday, July 27th. Raymond James Financial, Inc. lowered shares of RPC from a strong-buy rating to an outperform rating in a research report on Thursday, October 26th. Jefferies Group LLC set a $25.00 price target on shares of RPC and gave the stock a hold rating in a research report on Thursday, October 26th. Finally, Barclays PLC set a $21.00 price target on shares of RPC and gave the stock a hold rating in a research report on Friday. Fourteen analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $23.71.

Shares of RPC (RES) opened at 23.79 on Friday. The firm’s market cap is $5.17 billion. The firm’s 50-day moving average price is $23.13 and its 200-day moving average price is $20.45. RPC has a one year low of $16.48 and a one year high of $25.00.

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

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The business 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. This is a boost from RPC’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Thursday, November 9th. RPC’s payout ratio is currently 28.95%.

Several institutional investors have recently bought and sold shares of RES. UBS Asset Management Americas Inc. grew its holdings in shares of RPC by 48.9% during the 1st quarter. UBS Asset Management Americas Inc. now owns 43,792 shares of the oil and gas company’s stock valued at $802,000 after acquiring an additional 14,380 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of RPC by 5.7% during the 1st quarter. JPMorgan Chase & Co. now owns 291,933 shares of the oil and gas company’s stock valued at $5,345,000 after acquiring an additional 15,828 shares in the last quarter. Prudential Financial Inc. grew its holdings in shares of RPC by 96.7% during the 1st quarter. Prudential Financial Inc. now owns 33,620 shares of the oil and gas company’s stock valued at $616,000 after acquiring an additional 16,530 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of RPC by 348.7% during the 1st quarter. Wellington Management Group LLP now owns 104,788 shares of the oil and gas company’s stock valued at $1,919,000 after acquiring an additional 81,434 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of RPC by 110.0% during the 1st quarter. Legal & General Group Plc now owns 24,330 shares of the oil and gas company’s stock valued at $445,000 after acquiring an additional 12,747 shares in the last quarter. Institutional investors and hedge funds own 38.13% 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.

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