RPC (NYSE:RES) Shares Gap Down – Here’s What Happened

RPC, Inc. (NYSE:RES)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $6.94, but opened at $6.70. RPC shares last traded at $6.70, with a volume of 228,236 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RES shares. Citigroup cut their price target on RPC from $6.75 to $5.25 and set a “sell” rating on the stock in a report on Wednesday, July 10th. Stifel Nicolaus cut their target price on RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a report on Friday, October 11th. Finally, Susquehanna reduced their price target on shares of RPC from $7.00 to $6.50 and set a “neutral” rating for the company in a research report on Thursday, July 11th.

RPC Trading Down 2.7 %

The company’s 50-day moving average is $6.42 and its two-hundred day moving average is $6.65. The firm has a market cap of $1.38 billion, a P/E ratio of 11.64 and a beta of 1.55.

RPC (NYSE:RES) last announced its earnings results on Thursday, July 25th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.02. The company had revenue of $364.20 million for the quarter, compared to analysts’ expectations of $381.18 million. RPC had a return on equity of 11.52% and a net margin of 8.08%. RPC’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.30 earnings per share. Research analysts anticipate that RPC, Inc. will post 0.55 EPS for the current fiscal year.

RPC Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were issued a $0.04 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.16 annualized dividend and a dividend yield of 2.50%. RPC’s dividend payout ratio is currently 29.09%.

Institutional Trading of RPC

A number of hedge funds have recently bought and sold shares of RES. CWM LLC increased its position in shares of RPC by 256.5% during the 2nd quarter. CWM LLC now owns 5,112 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 3,678 shares during the last quarter. Register Financial Advisors LLC bought a new position in RPC during the first quarter valued at about $39,000. Innealta Capital LLC bought a new position in RPC during the second quarter valued at about $44,000. Vanguard Personalized Indexing Management LLC increased its holdings in RPC by 38.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,821 shares of the oil and gas company’s stock worth $93,000 after buying an additional 4,136 shares during the last quarter. Finally, nVerses Capital LLC raised its position in RPC by 352.9% in the second quarter. nVerses Capital LLC now owns 15,400 shares of the oil and gas company’s stock worth $96,000 after acquiring an additional 12,000 shares during the period. 41.06% of the stock is currently owned by institutional investors.

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.