Piper Jaffray Companies Weighs in on RPC, Inc.’s Q1 2019 Earnings (NYSE:RES)

RPC, Inc. (NYSE:RES) – Investment analysts at Piper Jaffray Companies lowered their Q1 2019 EPS estimates for shares of RPC in a research note issued on Thursday, March 28th, Zacks Investment Research reports. Piper Jaffray Companies analyst J. Daniel now expects that the oil and gas company will post earnings of $0.03 per share for the quarter, down from their prior forecast of $0.04. Piper Jaffray Companies also issued estimates for RPC’s Q2 2020 earnings at $0.16 EPS, Q3 2020 earnings at $0.20 EPS and FY2020 earnings at $0.69 EPS.

Several other equities research analysts have also recently issued reports on RES. ValuEngine raised shares of RPC from a “strong sell” rating to a “sell” rating in a research note on Monday, April 1st. Zacks Investment Research raised shares of RPC from a “sell” rating to a “hold” rating in a research note on Tuesday, February 26th. Morgan Stanley raised shares of RPC from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $11.00 to $15.00 in a research note on Thursday, April 4th. Susquehanna Bancshares set a $13.00 price target on shares of RPC and gave the stock a “hold” rating in a research note on Tuesday, April 2nd. Finally, Goldman Sachs Group began coverage on shares of RPC in a research note on Sunday, March 10th. They set a “sell” rating and a $10.00 price target on the stock. Eight investment analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $12.69.

Shares of RPC stock traded down $2.29 during mid-day trading on Monday, hitting $10.60. 9,003,053 shares of the stock were exchanged, compared to its average volume of 1,866,749. RPC has a twelve month low of $9.35 and a twelve month high of $20.18. The stock has a market capitalization of $2.68 billion, a P/E ratio of 12.93, a P/E/G ratio of 2.73 and a beta of 0.99.

RPC (NYSE:RES) last released its quarterly earnings results on Wednesday, January 23rd. The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.04). RPC had a return on equity of 17.63% and a net margin of 10.19%. The firm had revenue of $376.80 million for the quarter, compared to analyst estimates of $385.48 million. During the same period in the prior year, the business earned $0.18 earnings per share. RPC’s revenue for the quarter was down 11.8% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.89%. RPC’s payout ratio is currently 48.78%.

In related news, Director Pam R. Rollins acquired 10,000 shares of the business’s stock in a transaction dated Thursday, January 31st. The shares were acquired at an average cost of $10.85 per share, for a total transaction of $108,500.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 73.20% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC raised its holdings in RPC by 243.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 11,000 shares of the oil and gas company’s stock valued at $109,000 after buying an additional 7,800 shares during the period. Amalgamated Bank purchased a new position in RPC in the fourth quarter valued at approximately $114,000. LPL Financial LLC raised its holdings in RPC by 26.6% in the fourth quarter. LPL Financial LLC now owns 12,756 shares of the oil and gas company’s stock valued at $126,000 after buying an additional 2,680 shares during the period. Great West Life Assurance Co. Can raised its holdings in RPC by 85.8% in the fourth quarter. Great West Life Assurance Co. Can now owns 13,984 shares of the oil and gas company’s stock valued at $129,000 after buying an additional 6,459 shares during the period. Finally, Raymond James & Associates raised its holdings in RPC by 31.0% in the fourth quarter. Raymond James & Associates now owns 13,130 shares of the oil and gas company’s stock valued at $130,000 after buying an additional 3,110 shares during the period. Hedge funds and other institutional investors own 32.60% of the company’s stock.

About RPC

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 offers pressure pumping, fracturing, acidizing, 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.

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