RPC, Inc. (NYSE:RES) – Analysts at SunTrust Banks dropped their Q2 2018 earnings per share (EPS) estimates for shares of RPC in a research note issued to investors on Monday, April 16th. SunTrust Banks analyst K. Sill now expects that the oil and gas company will earn $0.38 per share for the quarter, down from their previous forecast of $0.40. SunTrust Banks has a “Buy” rating and a $28.00 price objective on the stock. SunTrust Banks also issued estimates for RPC’s Q3 2018 earnings at $0.46 EPS, Q4 2018 earnings at $0.43 EPS, FY2018 earnings at $1.54 EPS and FY2019 earnings at $2.03 EPS.
RPC (NYSE:RES) last posted its quarterly earnings results on Wednesday, January 24th. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.16). The business had revenue of $427.30 million during the quarter, compared to analyst estimates of $515.04 million. RPC had a return on equity of 16.90% and a net margin of 10.19%. The business’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same period last year, the company earned ($0.10) EPS.
Other analysts have also issued research reports about the stock. TheStreet lowered shares of RPC from a “b-” rating to a “c+” rating in a report on Monday. BMO Capital Markets dropped their price objective on shares of RPC from $29.00 to $27.00 and set an “outperform” rating for the company in a report on Thursday, January 25th. Jefferies Group reaffirmed a “hold” rating and set a $19.00 price objective on shares of RPC in a report on Wednesday, April 4th. Cowen reaffirmed a “hold” rating and set a $19.00 price objective on shares of RPC in a report on Friday, April 13th. Finally, Guggenheim set a $25.00 price objective on shares of RPC and gave the stock a “buy” rating in a report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $23.97.
NYSE RES opened at $19.25 on Thursday. The company has a market cap of $4,000.66, a PE ratio of 29.17, a PEG ratio of 0.64 and a beta of 0.83. RPC has a 1-year low of $16.70 and a 1-year high of $27.07.
Several institutional investors and hedge funds have recently added to or reduced their stakes in RES. The Manufacturers Life Insurance Company grew its stake in shares of RPC by 7.6% during the second quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock valued at $132,000 after purchasing an additional 459 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of RPC by 135.4% during the third quarter. Wells Fargo & Company MN now owns 83,936 shares of the oil and gas company’s stock valued at $2,081,000 after purchasing an additional 48,285 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of RPC by 27.6% during the third quarter. Schwab Charles Investment Management Inc. now owns 434,021 shares of the oil and gas company’s stock valued at $10,760,000 after purchasing an additional 93,754 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of RPC by 52.8% during the third quarter. Envestnet Asset Management Inc. now owns 8,105 shares of the oil and gas company’s stock valued at $201,000 after purchasing an additional 2,800 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of RPC during the third quarter valued at approximately $308,000. 34.55% of the stock is currently owned by institutional investors and hedge funds.
RPC announced that its board has approved a stock buyback plan on Monday, February 12th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
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RPC, Inc 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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