RPC, Inc. (NYSE:RES) Short Interest Down 13.0% in September

by · The Markets Daily

RPC, Inc. (NYSE:RES – Get Free Report) was the target of a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 19,330,000 shares, a decline of 13.0% from the August 31st total of 22,220,000 shares. Approximately 20.3% of the company’s stock are short sold. Based on an average daily volume of 1,890,000 shares, the short-interest ratio is currently 10.2 days.

RPC Trading Up 1.6 %

RPC stock opened at $6.29 on Monday. The firm has a 50 day simple moving average of $6.37 and a 200 day simple moving average of $6.73. RPC has a 1-year low of $5.66 and a 1-year high of $9.41. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 8.99 and a beta of 1.56.

RPC (NYSE:RES – Get Free Report) last released its quarterly earnings data on Thursday, July 25th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $364.20 million for the quarter, compared to analyst estimates of $381.18 million. RPC had a return on equity of 11.52% and a net margin of 8.08%. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.30 EPS. On average, equities research analysts forecast that RPC will post 0.56 EPS for the current year.

RPC Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were given a dividend of $0.04 per share. The ex-dividend date was Friday, August 9th. This represents a $0.16 annualized dividend and a dividend yield of 2.54%. RPC’s dividend payout ratio (DPR) is presently 22.86%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RES. Charles Schwab Investment Management Inc. increased its position in shares of RPC by 12.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,401,619 shares of the oil and gas company’s stock valued at $10,204,000 after acquiring an additional 153,518 shares during the period. Empowered Funds LLC lifted its holdings in RPC by 31.9% in the 1st quarter. Empowered Funds LLC now owns 777,986 shares of the oil and gas company’s stock worth $6,022,000 after buying an additional 188,377 shares during the period. Texas Permanent School Fund Corp grew its position in shares of RPC by 115.1% in the 2nd quarter. Texas Permanent School Fund Corp now owns 160,197 shares of the oil and gas company’s stock worth $1,001,000 after buying an additional 85,738 shares during the last quarter. Wasatch Advisors LP bought a new stake in shares of RPC in the 1st quarter worth approximately $1,239,000. Finally, BNP Paribas Financial Markets increased its stake in shares of RPC by 15.2% during the fourth quarter. BNP Paribas Financial Markets now owns 81,425 shares of the oil and gas company’s stock valued at $593,000 after buying an additional 10,737 shares during the period. 41.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RES has been the topic of a number of research analyst reports. Citigroup dropped their target price on shares of RPC from $6.75 to $5.25 and set a “sell” rating on the stock in a research note on Wednesday, July 10th. Stifel Nicolaus dropped their price objective on RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Tuesday, July 16th. Finally, Susquehanna reduced their price objective on RPC from $7.00 to $6.50 and set a “neutral” rating for the company in a report on Thursday, July 11th.

Get Our Latest Stock Analysis on RPC

RPC Company Profile

(Get Free Report)

RPC, Inc, through its subsidiaries, engages provision of 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.

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