grandriver/E+ via Getty Images
RPC Inc. (NYSE:RES) +11.8% in Wednesday’s trading after reporting Q4 earnings and revenues that skyrocketed from a year earlier and doubling its quarterly dividend to $0.04/share.
The oilfield services provider said Q4 net income soared by 7x to $87M, or $0.40/share, from $12.3M, or $0.06/share, in the prior-year period while revenues jumped 80% to a higher than expected $482M; Q4 EBITDA increased 3.5x Y/Y to $135.5M.
“Most of our service lines realized higher revenues during the fourth quarter due to strong activity and pricing improvements,” President and CEO Ben Palmer said, as the company expects “continued robust drilling and completion activities based on indications from most customers.”
RPC (RES) “sees profitability as they move through to 2023,” as well as additional opportunity to return cash to shareholders, Johnson Rice analyst Don Crist told Bloomberg.
RPC (RES) shares have gained 11.5% so far this year and 71% during the past year.