Brevan Howard Capital Management LP Makes New Investment in RPC, Inc. (NYSE:RES)

Brevan Howard Capital Management LP acquired a new position in RPC, Inc. (NYSE:RES) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm acquired 21,331 shares of the oil and gas company’s stock, valued at approximately $127,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Barclays PLC boosted its position in shares of RPC by 230.1% in the third quarter. Barclays PLC now owns 182,943 shares of the oil and gas company’s stock worth $1,163,000 after buying an additional 127,525 shares during the period. JPMorgan Chase & Co. lifted its position in RPC by 17.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 489,401 shares of the oil and gas company’s stock worth $3,113,000 after acquiring an additional 71,064 shares in the last quarter. XTX Topco Ltd purchased a new position in RPC in the 4th quarter worth approximately $69,000. HB Wealth Management LLC grew its position in RPC by 12.9% in the fourth quarter. HB Wealth Management LLC now owns 32,280 shares of the oil and gas company’s stock valued at $192,000 after acquiring an additional 3,697 shares in the last quarter. Finally, Empowered Funds LLC grew its position in RPC by 5.1% in the fourth quarter. Empowered Funds LLC now owns 928,958 shares of the oil and gas company’s stock valued at $5,518,000 after acquiring an additional 45,468 shares in the last quarter. 41.06% of the stock is owned by institutional investors and hedge funds.

RPC Price Performance

NYSE RES opened at $4.98 on Tuesday. RPC, Inc. has a 12 month low of $4.10 and a 12 month high of $7.54. The firm has a market capitalization of $1.10 billion, a PE ratio of 11.57 and a beta of 0.86. The company’s 50 day simple moving average is $5.07 and its 200 day simple moving average is $5.74.

RPC (NYSE:RES) last released its quarterly earnings data on Thursday, April 24th. The oil and gas company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01). RPC had a return on equity of 8.62% and a net margin of 6.46%. The company had revenue of $332.88 million for the quarter, compared to the consensus estimate of $326.72 million. During the same period in the prior year, the business earned $0.13 earnings per share. The business’s revenue was down 11.9% compared to the same quarter last year. Sell-side analysts anticipate that RPC, Inc. will post 0.31 earnings per share for the current fiscal year.

RPC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 9th will be given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 3.22%. The ex-dividend date is Friday, May 9th. RPC’s dividend payout ratio is 44.44%.

Wall Street Analyst Weigh In

Several research firms recently commented on RES. Susquehanna cut their price target on RPC from $6.00 to $5.50 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Citigroup raised RPC from a “sell” rating to a “neutral” rating and cut their target price for the company from $5.50 to $4.75 in a research report on Tuesday, April 8th.

About RPC

RPC, Inc, through its subsidiaries, engages provision of 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.