Stock Repurchase Plan Declared by RPC (RES) Board of Directors
RPC (NYSE:RES) declared that its Board of Directors has approved a share buyback program, which authorizes the company to buyback 10,000,000 shares on Monday, February 12th, EventVestor reports. This buyback authorization authorizes the oil and gas company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
A number of equities analysts have recently commented on RES shares. FBR & Co set a $27.00 price objective on RPC and gave the stock a “buy” rating in a research report on Thursday, October 26th. Raymond James Financial downgraded RPC from a “strong-buy” rating to an “outperform” rating in a research report on Thursday, October 26th. Citigroup downgraded RPC from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, October 26th. They noted that the move was a valuation call. Capital One Financial reissued an “equal weight” rating on shares of RPC in a research report on Wednesday, October 25th. Finally, Jefferies Group set a $25.00 price objective on RPC and gave the stock a “hold” rating in a research report on Thursday, October 26th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. RPC currently has an average rating of “Hold” and a consensus price target of $24.75.
Shares of RPC (RES) traded down $0.70 during midday trading on Thursday, reaching $18.10. The company’s stock had a trading volume of 319,932 shares, compared to its average volume of 2,522,260. RPC has a one year low of $16.63 and a one year high of $27.07. The stock has a market capitalization of $3,952.69, a PE ratio of 25.07, a P/E/G ratio of 0.62 and a beta of 0.73.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 9th. Stockholders of record on Friday, February 9th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Thursday, February 8th. This is a boost from RPC’s previous quarterly dividend of $0.07. RPC’s dividend payout ratio is 53.33%.
TRADEMARK VIOLATION NOTICE: This article was originally published by TheOlympiaReport and is owned by of TheOlympiaReport. If you are viewing this article on another domain, it was copied illegally and republished in violation of international trademark & copyright legislation. The original version of this article can be accessed at https://theolympiareport.com/2018/02/15/stock-repurchase-plan-declared-by-rpc-res-board-of-directors.html.
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
Receive News & Ratings for RPC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RPC and related companies with MarketBeat.com's FREE daily email newsletter.