RPC (NYSE:RES) Issues Quarterly Earnings Results, Beats Estimates By $0.12 EPS

RPC (NYSE:RES – Get Rating) issued its quarterly earnings data on Wednesday. The oil and gas company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.12, RTT News reports. The business had revenue of $482.00 million during the quarter, compared to the consensus estimate of $462.37 million. RPC had a net margin of 10.35% and a return on equity of 20.68%. The firm’s quarterly revenue was up 79.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.06 EPS.

RPC Stock Performance

RPC stock opened at $8.59 on Wednesday. The business’s 50 day simple moving average is $8.95 and its 200 day simple moving average is $8.33. RPC has a 12 month low of $5.38 and a 12 month high of $12.91. The company has a market cap of $1.86 billion, a price-to-earnings ratio of 12.82 and a beta of 1.69.

RPC Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 10th. Shareholders of record on Friday, February 10th will be given a $0.04 dividend. This is a positive change from RPC’s previous quarterly dividend of $0.02. This represents a $0.16 annualized dividend and a yield of 1.86%. RPC’s payout ratio is currently 11.94%.

Insiders Place Their Bets

In other news, Director Amy Rollins Kreisler sold 53,751 shares of the stock in a transaction on Friday, November 11th. The stock was sold at an average price of $10.45, for a total transaction of $561,697.95. Following the completion of the transaction, the director now owns 2,372,232 shares in the company, valued at approximately $24,789,824.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Amy Rollins Kreisler sold 53,751 shares of the business’s stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $10.45, for a total value of $561,697.95. Following the sale, the director now directly owns 2,372,232 shares in the company, valued at approximately $24,789,824.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Pam R. Rollins sold 120,000 shares of the company’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $10.42, for a total transaction of $1,250,400.00. Following the sale, the director now directly owns 194,951 shares in the company, valued at $2,031,389.42. The disclosure for this sale can be found here. Insiders sold 1,064,193 shares of company stock valued at $11,197,202 over the last ninety days. 65.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its position in shares of RPC by 13.0% during the third quarter. Bank of New York Mellon Corp now owns 833,473 shares of the oil and gas company’s stock worth $5,775,000 after acquiring an additional 95,592 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in RPC in the 3rd quarter worth about $50,000. Public Employees Retirement System of Ohio grew its holdings in RPC by 54.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,565 shares of the oil and gas company’s stock valued at $32,000 after buying an additional 1,605 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of RPC during the third quarter valued at about $730,000. Finally, Trexquant Investment LP purchased a new stake in shares of RPC in the third quarter worth about $224,000. 27.15% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com upgraded RPC from a “hold” rating to a “buy” rating in a research note on Wednesday, January 18th. One analyst has rated the stock with a sell rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $11.50.

RPC Company Profile

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RPC, Inc, through its subsidiaries, provides 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.