RPC, Inc. (NYSE:RES) has earned an average rating of “Hold” from the twenty research firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $25.17.
Several equities analysts have recently commented on the company. B. Riley cut RPC from a “buy” rating to a “neutral” rating and set a $27.00 target price for the company. in a research note on Friday, December 22nd. Stephens assumed coverage on RPC in a research note on Tuesday, January 9th. They set an “equal weight” rating and a $28.00 target price for the company. Zacks Investment Research upgraded RPC from a “hold” rating to a “strong-buy” rating and set a $29.00 target price for the company in a research note on Thursday, January 4th. Jefferies Group set a $29.00 target price on RPC and gave the company a “hold” rating in a research note on Thursday, January 4th. Finally, Wells Fargo reiterated a “market perform” rating on shares of RPC in a research note on Friday, January 12th.
NYSE RES traded up $0.98 on Wednesday, reaching $18.03. The company had a trading volume of 2,258,559 shares, compared to its average volume of 1,258,344. The stock has a market cap of $3,909.59, a PE ratio of 27.32, a P/E/G ratio of 0.61 and a beta of 0.73. RPC has a 1 year low of $16.97 and a 1 year high of $27.07.
RPC announced that its Board of Directors has authorized a stock buyback program on Monday, February 12th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Friday, February 9th were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, February 8th. This is a boost from RPC’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a yield of 2.22%. RPC’s dividend payout ratio (DPR) is 60.61%.
A number of hedge funds and other institutional investors have recently modified their holdings of RES. The Manufacturers Life Insurance Company increased its position 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. Raymond James Financial Services Advisors Inc. acquired a new position in shares of RPC during the third quarter valued at $216,000. Prudential Financial Inc. increased its holdings in shares of RPC by 19.1% during the third quarter. Prudential Financial Inc. now owns 28,660 shares of the oil and gas company’s stock valued at $711,000 after purchasing an additional 4,600 shares during the period. Sei Investments Co. increased its holdings in shares of RPC by 466.0% during the third quarter. Sei Investments Co. now owns 178,616 shares of the oil and gas company’s stock valued at $4,428,000 after purchasing an additional 147,061 shares during the period. Finally, ETRADE Capital Management LLC increased its holdings in shares of RPC by 69.6% during the third quarter. ETRADE Capital Management LLC now owns 46,640 shares of the oil and gas company’s stock valued at $1,156,000 after purchasing an additional 19,148 shares during the period. 35.32% of the stock is currently owned by hedge funds and other institutional investors.
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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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