RPC, Inc. (RES) Short Interest Update
RPC, Inc. (NYSE:RES) was the recipient of a large growth in short interest in February. As of February 28th, there was short interest totalling 19,848,003 shares, a growth of 36.2% from the February 15th total of 14,568,957 shares. Based on an average daily trading volume, of 1,524,018 shares, the days-to-cover ratio is presently 13.0 days. Approximately 35.6% of the shares of the stock are sold short.
RPC stock opened at $9.90 on Friday. RPC has a 1-year low of $9.35 and a 1-year high of $20.42. The stock has a market capitalization of $2.11 billion, a P/E ratio of 12.07, a PEG ratio of 2.78 and a beta of 0.98.
RPC (NYSE:RES) last issued its earnings results on Wednesday, January 23rd. The oil and gas company reported $0.06 EPS for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.04). The company had revenue of $376.80 million during the quarter, compared to the consensus estimate of $385.48 million. RPC had a return on equity of 17.63% and a net margin of 10.19%. RPC’s revenue was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 earnings per share. As a group, equities research analysts predict that RPC will post 0.29 earnings per share for the current fiscal year.
In other RPC news, Director Pam R. Rollins bought 10,000 shares of the firm’s stock in a transaction dated Thursday, January 31st. The shares were purchased at an average cost of $10.85 per share, for a total transaction of $108,500.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 73.70% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of RES. Northern Trust Corp grew its stake in RPC by 13.5% in the 2nd quarter. Northern Trust Corp now owns 414,285 shares of the oil and gas company’s stock worth $6,036,000 after acquiring an additional 49,335 shares in the last quarter. Comerica Bank grew its stake in RPC by 19.7% in the 3rd quarter. Comerica Bank now owns 180,460 shares of the oil and gas company’s stock worth $2,516,000 after acquiring an additional 29,709 shares in the last quarter. Wells Fargo & Company MN grew its stake in RPC by 17.8% in the 3rd quarter. Wells Fargo & Company MN now owns 159,687 shares of the oil and gas company’s stock worth $2,472,000 after acquiring an additional 24,103 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in RPC in the 3rd quarter worth about $262,000. Finally, Virginia Retirement Systems ET AL bought a new position in RPC in the 3rd quarter worth about $517,000. Institutional investors and hedge funds own 32.42% of the company’s stock.
Several analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of RPC from a “sell” rating to a “hold” rating in a research report on Tuesday, February 26th. Goldman Sachs Group assumed coverage on shares of RPC in a research report on Sunday, March 10th. They issued a “sell” rating and a $10.00 price objective on the stock. ValuEngine lowered shares of RPC from a “sell” rating to a “strong sell” rating in a research report on Monday, February 4th. Raymond James lowered shares of RPC from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 13th. Finally, Citigroup lowered shares of RPC from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $11.00 to $8.00 in a research report on Wednesday, January 9th. Nine investment analysts have rated the stock with a sell rating, eleven have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $12.60.
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RPC Company Profile
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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