RPC (NYSE:RES) Downgraded by Freedom Broker to Sell

Freedom Broker lowered shares of RPC (NYSE:RES) from a hold rating to a sell rating in a research report sent to investors on Friday,Benzinga reports. They currently have $5.00 price objective on the oil and gas company’s stock, down from their prior price objective of $6.00.

A number of other research analysts also recently issued reports on the stock. Susquehanna dropped their target price on shares of RPC from $7.50 to $6.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 8th. Evercore lowered shares of RPC to an “outperform” rating in a research note on Friday. Finally, Weiss Ratings lowered shares of RPC from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, September 16th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, RPC currently has an average rating of “Reduce” and an average target price of $5.67.

RPC Price Performance

Shares of RES opened at $6.17 on Friday. RPC has a 52-week low of $4.99 and a 52-week high of $8.16. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.85 and a current ratio of 3.52. The business’s 50 day moving average price is $6.15 and its two-hundred day moving average price is $6.37. The firm has a market cap of $1.37 billion, a PE ratio of -36.29 and a beta of 0.82.

RPC (NYSE:RES) last posted its quarterly earnings results on Thursday, October 29th. The oil and gas company reported $0.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.10. The firm had revenue of $467.74 million for the quarter, compared to analysts’ expectations of $469.12 million. RPC had a positive return on equity of 5.26% and a negative net margin of 1.77%. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 EPS. On average, equities analysts anticipate that RPC will post 0.26 EPS for the current year.

RPC Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Tuesday, November 10th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, November 10th. RPC’s dividend payout ratio (DPR) is currently -94.12%.

Institutional Investors Weigh In On RPC

A number of institutional investors and hedge funds have recently made changes to their positions in RES. USA Financial Formulas bought a new position in RPC in the 3rd quarter valued at about $40,000. GAMMA Investing LLC increased its holdings in RPC by 28.7% during the 3rd quarter. GAMMA Investing LLC now owns 7,892 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 1,761 shares in the last quarter. State of Wyoming bought a new stake in RPC during the 2nd quarter worth approximately $54,000. Commerce Bank bought a new stake in RPC during the 2nd quarter worth approximately $62,000. Finally, IMC Chicago LLC purchased a new stake in shares of RPC in the first quarter worth approximately $80,000. Institutional investors and hedge funds own 41.06% of the company’s stock.

About RPC

RPC, Inc (NYSE: RES) is an oilfield services company that provides specialized equipment and services to energy producers and exploration and production companies. Its offerings support the drilling, completion, production and maintenance of oil and natural gas wells.

The company’s services include pressure pumping, coiled tubing, well control, nitrogen services, downhole tools, well testing, fishing and rental equipment. These services are used in activities such as hydraulic fracturing, well intervention, workover operations and production enhancement.

RPC was founded in 1984 and is headquartered in Atlanta, Georgia.