RPC, Inc. (NYSE:RES – Get Rating) – Analysts at Capital One Financial reduced their Q2 2022 earnings per share estimates for shares of RPC in a research report issued to clients and investors on Wednesday, April 27th. Capital One Financial analyst L. Lemoine now expects that the oil and gas company will earn $0.10 per share for the quarter, down from their prior estimate of $0.12. Capital One Financial also issued estimates for RPC’s Q3 2022 earnings at $0.15 EPS, Q4 2022 earnings at $0.15 EPS, FY2022 earnings at $0.47 EPS, Q1 2023 earnings at $0.15 EPS, Q2 2023 earnings at $0.18 EPS, Q3 2023 earnings at $0.19 EPS, Q4 2023 earnings at $0.19 EPS and FY2023 earnings at $0.72 EPS. RPC (NYSE:RES – Get Rating) last issued its quarterly earnings data on Wednesday, April 27th. The oil and gas company reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. RPC had a return on equity of 5.00{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a net margin of 3.31{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The company had revenue of $284.60 million during the quarter, compared to analyst estimates of $286.68 million. During the same period in the prior year, the business posted ($0.05) earnings per share. The firm’s revenue for the quarter was up 55.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to the same quarter last year.
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A number of other equities analysts have also issued reports on RES. TheStreet raised RPC from a “d+” rating to a “c” rating in a report on Wednesday, January 26th. Johnson Rice upgraded shares of RPC from a “hold” rating to an “accumulate” rating and set a $13.00 price target for the company in a research report on Wednesday, April 27th. Atb Cap Markets reiterated an “underperform” rating on shares of RPC in a research report on Sunday, April 17th. StockNews.com started coverage on RPC in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Zacks Investment Research cut shares of RPC from a “strong-buy” rating to a “hold” rating and set a $11.00 price objective for the company. in a research note on Tuesday, March 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $12.00.
RPC stock opened at $10.34 on Monday. The stock’s fifty day moving average is $10.53 and its two-hundred day moving average is $7.23. RPC has a 1-year low of $3.33 and a 1-year high of $12.91. The stock has a market cap of $2.24 billion, a PE ratio of 68.94 and a beta of 1.60.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace North America L.P. bought a new position in shares of RPC in the first quarter worth about $25,000. Royal Bank of Canada increased its holdings in shares of RPC by 594.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the second quarter. Royal Bank of Canada now owns 5,754 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 4,926 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of RPC by 48.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the first quarter. Lindbrook Capital LLC now owns 2,788 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 911 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of RPC by 45.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 8,463 shares of the oil and gas company’s stock valued at $41,000 after acquiring an additional 2,663 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in RPC by 170.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the first quarter. Nisa Investment Advisors LLC now owns 4,600 shares of the oil and gas company’s stock worth $49,000 after buying an additional 2,900 shares in the last quarter. Institutional investors own 27.15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s stock.
In other RPC news, major shareholder Rollins Holding Company, Inc. sold 365,000 shares of the stock in a transaction that occurred on Wednesday, March 16th. The shares were sold at an average price of $9.66, for a total value of $3,525,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Lor Inc sold 70,000 shares of the stock in a transaction that occurred on Thursday, March 24th. The stock was sold at an average price of $10.20, for a total transaction of $714,000.00. The disclosure for this sale can be found here. Insiders have sold 1,649,785 shares of company stock valued at $16,397,775 over the last 90 days. 65.90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is currently owned by insiders.
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 segment offers pressure pumping, fracturing, acidizing, cementing, 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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Revenue Jumps 612{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $357.8 million
Gross Profit Improves 62.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $21.1 million
Mining Operations Begin Transitioning to the U.S.
QINGDAO,China, May 2, 2022 /PRNewswire/ — SOS Limited (“SOS” or the “Company”) (NYSE: SOS) today reported its full year financial results for the twelve-months ended December 31, 2021.
Revenue was $357.8 million, 612{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} over the twelve-months ended December 31, 2020. Gross Profit increased to $21.1 million from $13.0 million, over the same period.
Results from Operations
Revenue
Net revenue was $357.8 million, up 612{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} over the prior period. The robust growth of revenue demonstrated the strong and effective execution of the Company’s strategy, mainly due to rapid market expansion and the addition of crypto-mining and commodity trading operations. Growth was driven by taking advantage of our block-chain expertise.
Audited condensed consolidated Statements of comprehensive of loss
(US$ thousands, except share data and per share data, or otherwise noted)
As of December 31, 2021, SOS focused on six product lines including insurance marketing, telecom call centers, bank call center, SaaS services, cryptocurrency mining and commodity trading.
Our traditional business of insurance marketing increased 34{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $65.9 million year over year, as a result of rapid market expansion from regional to national customer base in China. We added commodity trading to our product mix during the year. We buy and sell commodity products such as sesame, sulfur, asphalt and circuit modular units. Our trading business recorded revenue of $275.4 million, which represents 77.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of total sales. We booked revenue of $15.4 million from our cryptocurrency mining business from a partial year of operation. We started generating revenue from our mining pools in February 2021 and mined 174.28 units of BTC and 2,770.09 units of ETH by the end of the second quarter. In July 2021, due to the Chinese government’s ban on certain types of cryptocurrency mining activities, we shut down our mining operations in China and began transitioning our crypto mining operations to the U.S. The Company launched its U.S. mining operations in Wisconsin this April.
Operating Costs
Operating costs increased to $336.8 million for the period ended December 31, 2021, compared to operating costs of $37.3 million for the period ended December 31, 2020. The increase in operating costs and expenses was driven primarily from the growth in our commodity trading inventory and data acquisition costs for our insurance marketing businesses and a share-based compensation plan. We also saw an increase from depreciation on cryptocurrency mining equipment, consulting and legal fees.
General and Administrative Expenses
General and administrative expenses were $62.4 million for the period ended December 31, 2021, representing an increase of approximately 21.5 times compared to general and administrative expenses of $2.9 million for the period ended December 31, 2020. The increase in general and administrative expenses was mainly associated with employee and management’s share-based compensation expenses of $33.5 million, professional and consultancy fee of $17.1 million, wages & salary expenses of $5.3 million, $1.2 million of bad debt expense and significant increases in legal expenses related to class action lawsuit against the Company and its management.
GAAP Operating Loss and EPS
Our net loss for the period ended December 31, 2021 was $43.9 million according to GAAP, compared to profit of $4.9 million for the period ended December 31, 2020. The loss resulted from increased expenses related to increased operating expenses, legal and consulting fees and share-based compensation expenses. Gross margin dropped to 6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in FY 2021 from 26{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the prior year driven by the significant growth in the lower margin commodity trading business, increased operating expenses and the interruption of crypto-mining operations.
GAAP EPS Basic was $(0.020) per share for the period ended December 31, 2021, as compared to $0.0135 per share for the period ended December 31, 2020.
GAAP EPS Diluted was $(0.018) per share for the period ended December 31, 2021, as compared to $0.0090 per share for the period ended December 31, 2020.
Income Tax
The company incurred $0.74 million in corporate income tax for the current period.
Balance Sheet and Cash Flow
As of December 31, 2021, the Company had cash and cash equivalents of $338.0 million, compared to $3.7 million for the period ended December 31, 2020. The net increase in cash flow was mainly due to its financing activity through registered direct offerings. The Company believes that its cash resources are adequate to fund its current operations and short-term growth initiatives. The Company, through its subsidiary, SOS International Trading Co., Ltd. purchased commodity for trading inventory of $96.1 million.
Cash Flow Used For Investment Activities
The Company, through its subsidiaries, SOS Information Technology New York Inc. and China SOS Ltd., acquired BTC and ETH mining equipment for an aggregate cost of approximately $31 0 million
Financing Activities
The Company received aggregate net proceeds of US$585.8 million from registered direct offerings during the year.
Audited condensed consolidated statement of cash flow
(US$ thousands, except share data and per share data, or otherwise noted)
31-Dec-20
31-Dec-21
Cash flows from operating activities:
US$”000″
US$”000″
Net (loss)
4,404
(49,251)
Adjustments:
Depreciation and amortization
2
5,203
Share-based compensation
506
33,537
Depreciation of ROU
843
Accretion of finance leases
152
Allowance for doubtful accounts-accounts receivable
1
963
Allowance for doubtful accounts-Other receivable
158
269
Impairment of cryptocurrencies
925
Loss on acquisition
5,679
–
Income from disposal of discountined operations
(63)
Inventory
–
(96,071)
Changes in operating assets and liabilities:
Accounts receivables
(2,065)
(15,894)
Ohter receivables
(36,019)
(125,861)
Amount due from related parties
(2,871)
(4,146)
crptocurrencies
–
(14,502)
Accrued liabilities
–
19,815
Accounts payable
(11,940)
28,409
Tax payable
292
(8,371)
Other payables
1,484
5,003
Amount due to related parties
(3,666)
868
Contract liability
546
(454)
Lease liabilities
Net cash （used in）in generating from operating activities:
(43,552)
(218,563)
Cash flows from investing activities:
Purchase of property, equipment and software
(501)
(33,034)
Investment in equity
–
0
Disposition of assets
3,500
–
Net cash (used in)generated from investing activities
2,999
(33,034)
Cash flows from financing activities:
Repayment of principle portion of lease liabilities
(1,764.00)
Proceeds from share issuance, net of issuance costs
3,578
585,839
Proceeds from private equity placement,net of issuance costs
39,973
–
Net cash generated from(used in) financing activities
43,551
584,075
Effect of exchange rates on cash
683
1,825
Net increase/(decrease), effect of exchange rate changes on cash and cash equivalent
3,680
334,303
Cash and cash equivalent at beginning of the period
42
3,722
Cash and cash equivalent at end of the period
3,722
338,026
Yandai Wang, the CEO comments that “In the past year, we have provided technical services through artificial intelligence and blockchain technologies by leveraging data-driven marketing, digital based commodity trading, digital supercomputer and emergency rescue technology. Through this we were able to realize revenue of $357.8 million as of December 31,2021, which represents 661{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} growth. over 2020.
In our data marketing business, we rely on artificial intelligence technology & comprehensive intelligent screening to acquire customers more effectively; we also utilize blockchain technology to solve the information security problems to provide customers with one-stop benchmark customer acquisition services; In our digital-based commodity trading segmentt, we make full use of the accurate traceability of blockchain technology, product quality assurance, smart contracts, Intelligent trading matching technology to provides a one-stop trust trading platform for customer trading; in emergency rescue, we team up with some industry experts to invest and design emergency rescue watches, Emergency rescue amphibious rescue boat.
We believe we are well-positioned to grow our business in all segments. Within China we are focused on data-driven insurance marketing, and commodity trading. In U.S. we have launched our supercomputing hosting center in Wisconsin.
Mainland China, as one of the world’s largest markets, demands huge amount of raw material products and food commodities to sustain its long -term growth. In 2020 we established our commodity trading business to bridge supply and demand by providing seamless trading exchange through our block-chain technology and plat-form. We started from green field and are proud to report that our commodity trading business generated revenue of $275million during the twelve -month period ended December 31,2021.
Our aspiration is to expand beyond China especially in North America. We are in the process of building a leading supercomputer center in North America which will provide customers with cryptocurrency mining capacity & hosting service.
One of the tools we used to accelerate this goal is the innovative mobile container data center. We believe it will improve user experience and be attractive to small to medium size customers. Our plans continue to proceed as we have secured a renewable energy supply of 25 MW at its facility in Price County Wisconsin, which is expected to be increased to 37MW.
We look forward to continued growth and expansion in both China and U.S.
About SOS Limited
SOS is an emerging blockchain-based and big data-driven marketing solution provider，SOS is also engaged in blockchain and cryptocurrency operations, which currently include cryptocurrency mining and maybe expand into cryptocurrency security and insurance in the future Since April 2021, we launched commodity trading via our subsidiary SOS International Trading Co. Ltd, The core infrastructure of SOS’ marketing data, technology and solutions to insurance and emergency rescue services is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS has created a cloud “software as a service (SaaS)” platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. This system provides innovative marketing solutions to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry. For more information, please visit: http://www.sosyun.com/ .
Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as “may,” “can,” “should,” “will,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target,” “look” or similar expressions may identify forward-looking statements. Specifically, forward-looking statements may include statements relating to the Company’s:
ability to execute its business plan;
changes in the market for SOS’ products and services; and
expansion plans and opportunities.
These forward-looking statements are based on information available as of the date of this press release and our management’s current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission (“SEC”). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance and include, but are not limited to:
US government’s policies and regulatory oversight of crypto currency mining operation and our other operations;
SOS’s cryptocurrency mining, commodity trading and marketing solutions businesses are still under development, with many uncertainties in integration of these various business segments;
Failure to manage the newly launched commodities trading business effectively;
Loss of key customers in the commodity trading business;
failure to access a large quantity of power at reasonable costs could significantly increase SOS operating expenses and adversely affect our demand for SOS’s mining activities;
shortages in, or rises in the prices of mining machines may adversely affect the Company’s business;
any significant or prolonged failure in the data warehouse facilities and data mining facilities that SOS operates or services it provides, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation;
security breaches or alleged security breaches of our data warehouses could disrupt SOS operations and have a material adverse effect on its business, financial condition and results of operation; and
other risks and uncertainties indicated in SOS’s SEC reports or documents filed or to be filed with the SEC by SOS.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
The artwork and science of modeling returns of economic assets is endlessly unsatisfying since no a person design completely captures the genuine actions of asset performances. As a final result, there will come a point when researchers are compelled to select a poison that seems less mistaken than the options.
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If SPY’s 1-day returns had been completely typical, they’d match the pink line. That’s legitimate for a considerable part of the knowledge established, but at the extremes, there are very clear divergences. On the still left facet, every day losses are a lot steeper than anticipated in a ordinary distribution. The opposite is genuine for rather huge gains.
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Axos Financial (NYSE:AX – Get Rating) had its target price lowered by analysts at Piper Sandler from $62.00 to $50.00 in a research note issued on Friday, The Fly reports. Piper Sandler’s price objective would indicate a potential upside of 20.89{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from the company’s previous close.
AX has been the subject of a number of other reports. Zacks Investment Research cut shares of Axos Financial from a “buy” rating to a “hold” rating in a research report on Monday, April 11th. B. Riley lowered their price objective on shares of Axos Financial from $62.00 to $58.00 in a research note on Tuesday, April 12th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $56.67.
Axos Financial stock opened at $41.36 on Friday. The company has a fifty day moving average price of $46.48 and a two-hundred day moving average price of $52.76. The company has a market cap of $2.46 billion, a PE ratio of 10.94 and a beta of 1.46. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.09 and a quick ratio of 1.09. Axos Financial has a 12 month low of $39.11 and a 12 month high of $62.44.
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Axos Financial (NYSE:AX – Get Rating) last released its quarterly earnings data on Thursday, April 28th. The company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.02. Axos Financial had a return on equity of 16.50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a net margin of 31.52{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. During the same quarter last year, the company earned $0.92 EPS. Equities research analysts anticipate that Axos Financial will post 4.09 earnings per share for the current year.
In other news, EVP Thomas M. Constantine sold 1,421 shares of the business’s stock in a transaction that occurred on Wednesday, March 2nd. The shares were sold at an average price of $54.18, for a total transaction of $76,989.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Brian D. Swanson sold 3,699 shares of the business’s stock in a transaction that occurred on Wednesday, March 9th. The stock was sold at an average price of $48.90, for a total transaction of $180,881.10. The disclosure for this sale can be found here. Company insiders own 4.73{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in AX. FMR LLC acquired a new position in Axos Financial in the 1st quarter valued at $1,387,000. First Trust Advisors LP acquired a new stake in Axos Financial in the 1st quarter valued at $1,255,000. Morgan Stanley increased its holdings in Axos Financial by 49.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 2nd quarter. Morgan Stanley now owns 314,358 shares of the company’s stock valued at $14,584,000 after purchasing an additional 104,264 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in Axos Financial by 4.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 3rd quarter. Commonwealth Equity Services LLC now owns 12,098 shares of the company’s stock valued at $623,000 after buying an additional 550 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in Axos Financial by 22.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 3rd quarter. Victory Capital Management Inc. now owns 16,421 shares of the company’s stock valued at $846,000 after buying an additional 3,022 shares during the last quarter. 77.12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is currently owned by institutional investors.
Axos Financial, Inc, together with its subsidiaries, provides consumer and business banking products in the United States. It operates through Banking Business and Securities Business segments. The company offers deposits products, including consumer and business checking, demand, savings, time deposit, money market, zero balance, and insured cash sweep accounts.
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