Today: Today: Jefferies Group Begins Coverage on RPC Inc. (RES)

Today: Jefferies Group Begins Coverage on RPC Inc. (RES)

Research analysts at Jefferies Group initiated coverage on shares of RPC Inc. (NYSE:RES) in a note issued to investors on Monday. The brokerage set a “buy” rating and a $22.00 price target on the stock. Jefferies Group’s target price points to a potential upside of 20.35% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Nomura set a $14.00 price target on shares of RPC and gave the company a “hold” rating in a report on Tuesday, August 16th. Citigroup Inc. lifted their price target on shares of RPC from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, September 12th. Seaport Global Securities raised shares of RPC from a “reduce” rating to a “neutral” rating and lifted their price target for the company from $14.00 to $17.00 in a report on Tuesday, October 4th. Zacks Investment Research lowered shares of RPC from a “hold” rating to a “sell” rating in a report on Wednesday, October 19th. Finally, FBR & Co lifted their price target on shares of RPC from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, October 27th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $15.82.

RPC (NYSE:RES) traded down 0.16% during midday trading on Monday, reaching $18.25. 556,230 shares of the company’s stock traded hands. RPC has a 1-year low of $9.73 and a 1-year high of $19.17. The stock’s 50 day moving average price is $17.83 and its 200 day moving average price is $15.83. The firm’s market cap is $3.97 billion.

RPC (NYSE:RES) last issued its earnings results on Wednesday, October 26th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.03. The company earned $175.90 million during the quarter, compared to analysts’ expectations of $157.53 million. RPC had a negative net margin of 20.36% and a negative return on equity of 17.64%. The business’s revenue for the quarter was down 39.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.16) EPS. Equities research analysts anticipate that RPC will post ($0.71) EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Thursday, November 10th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, November 8th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.09%. RPC’s payout ratio is presently -27.03%.

In related news, CFO Ben M. Palmer sold 35,479 shares of the business’s stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $17.90, for a total transaction of $635,074.10. Following the transaction, the chief financial officer now owns 667,583 shares in the company, valued at approximately $11,949,735.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 73.40% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA increased its position in RPC by 27.5% in the third quarter. BNP Paribas Arbitrage SA now owns 6,118 shares of the company’s stock valued at $103,000 after buying an additional 1,319 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in RPC during the third quarter valued at $103,000. Pacer Advisors Inc. acquired a new position in RPC during the second quarter valued at $107,000. Glenmede Trust Co. NA increased its position in RPC by 1.2% in the second quarter. Glenmede Trust Co. NA now owns 9,106 shares of the company’s stock valued at $141,000 after buying an additional 106 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its position in RPC by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 9,093 shares of the company’s stock valued at $141,000 after buying an additional 1,103 shares during the last quarter. Institutional investors own 37.62% of the company’s stock.

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