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RPC (NYSE:RES) Shares Gap Up Following Earnings Beat

Defense World · Jan 26, 2023 01:16

RPC, Inc. (NYSE:RES – Get Rating)'s stock price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $8.59, but opened at $8.90. RPC shares last traded at $8.91, with a volume of 174,200 shares trading hands.

The oil and gas company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.12. The company had revenue of $482.00 million for the quarter, compared to analysts' expectations of $462.37 million. RPC had a net margin of 10.35% and a return on equity of 20.68%. The firm's revenue was up 79.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.06 EPS.

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RPC Increases Dividend

The company 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 boost from RPC's previous quarterly dividend of $0.02. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.67%. RPC's payout ratio is presently 11.94%.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of RPC from a "hold" rating to a "buy" rating in a research report on Wednesday, January 18th. One research analyst has rated the stock with a sell rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $11.50.

Insider Buying and Selling at RPC

In other RPC news, major shareholder Lor Inc sold 316,632 shares of the business's stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $10.65, for a total value of $3,372,130.80. Following the transaction, the insider now owns 572,610 shares in the company, valued at $6,098,296.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Pam R. Rollins sold 120,000 shares of RPC 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 owns 194,951 shares of the company's stock, valued at approximately $2,031,389.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Lor Inc sold 316,632 shares of RPC stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $10.65, for a total transaction of $3,372,130.80. Following the sale, the insider now directly owns 572,610 shares in the company, valued at approximately $6,098,296.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,064,193 shares of company stock worth $11,197,202. 65.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On RPC

Large investors have recently modified their holdings of the stock. IFP Advisors Inc boosted its stake in shares of RPC by 160.0% during the 3rd quarter. IFP Advisors Inc now owns 2,600 shares of the oil and gas company's stock valued at $40,000 after purchasing an additional 1,600 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in RPC by 54.2% during the third quarter. Public Employees Retirement System of Ohio now owns 4,565 shares of the oil and gas company's stock worth $32,000 after acquiring an additional 1,605 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in RPC during the second quarter worth about $36,000. KBC Group NV bought a new stake in RPC during the second quarter worth about $44,000. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in RPC during the third quarter worth about $50,000. Institutional investors own 27.15% of the company's stock.

RPC Price Performance

The firm's 50 day moving average is $8.95 and its 200 day moving average is $8.33. The firm has a market cap of $2.08 billion, a P/E ratio of 14.33 and a beta of 1.69.

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.