State Street Corp reduced its stake in shares of RPC, Inc. (NYSE:RES) by 3.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,245,942 shares of the oil and gas company’s stock after selling 47,268 shares during the period. State Street Corp owned about 0.57% of RPC worth $25,176,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Commerce Bank grew its holdings in RPC by 4.4% during the 2nd quarter. Commerce Bank now owns 659,446 shares of the oil and gas company’s stock worth $13,328,000 after acquiring an additional 27,686 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in RPC by 142.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 465,621 shares of the oil and gas company’s stock worth $8,526,000 after acquiring an additional 273,554 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in RPC by 12.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 186,991 shares of the oil and gas company’s stock worth $3,779,000 after acquiring an additional 20,832 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of RPC by 16.5% in the 2nd quarter. Victory Capital Management Inc. now owns 599,280 shares of the oil and gas company’s stock worth $12,111,000 after buying an additional 84,880 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in shares of RPC by 11.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 340,267 shares of the oil and gas company’s stock worth $6,877,000 after buying an additional 34,317 shares during the last quarter. 38.08% of the stock is owned by institutional investors.
Shares of RPC, Inc. (NYSE:RES) opened at $24.15 on Tuesday. RPC, Inc. has a 52-week low of $16.63 and a 52-week high of $26.45. The company has a market cap of $5,362.66, a PE ratio of 63.49, a price-to-earnings-growth ratio of 1.70 and a beta of 1.16.
RPC (NYSE:RES) last released its quarterly earnings results on Wednesday, October 25th. The oil and gas company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.03). RPC had a return on equity of 10.31% and a net margin of 6.03%. The company had revenue of $471.00 million for the quarter, compared to the consensus estimate of $474.41 million. During the same quarter last year, the firm posted ($0.18) earnings per share. The firm’s quarterly revenue was up 167.8% compared to the same quarter last year. sell-side analysts forecast that RPC, Inc. will post 0.81 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 10th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.16%. This is an increase from RPC’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, November 9th. RPC’s payout ratio is 73.69%.
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In related news, Director Amy Rollins Kreisler purchased 5,000 shares of the company’s stock in a transaction on Friday, October 27th. The shares were bought at an average cost of $23.21 per share, for a total transaction of $116,050.00. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at $116,050. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 73.50% of the stock is currently owned by insiders.
A number of research firms have recently issued reports on RES. Zacks Investment Research upgraded shares of RPC from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research report on Tuesday, October 17th. Cowen and Company set a $24.00 price target on shares of RPC and gave the stock a “hold” rating in a research report on Friday, October 6th. Jefferies Group LLC set a $25.00 price target on shares of RPC and gave the stock a “hold” rating in a research report on Thursday, October 26th. Seaport Global Securities restated a “neutral” rating on shares of RPC in a research report on Wednesday, July 26th. Finally, Raymond James Financial, Inc. downgraded shares of RPC from a “strong-buy” rating to an “outperform” rating in a research report on Thursday, October 26th. Fourteen analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $23.97.
RPC Company Profile
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.
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