RPC, Inc. (NYSE:RES) Shares Purchased by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC raised its stake in RPC, Inc. (NYSE:RES) by 1.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 134,642 shares of the oil and gas company’s stock after buying an additional 2,346 shares during the quarter. SummerHaven Investment Management LLC’s holdings in RPC were worth $741,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Jane Street Group LLC grew its stake in shares of RPC by 1,009.5% in the fourth quarter. Jane Street Group LLC now owns 82,124 shares of the oil and gas company’s stock valued at $488,000 after buying an additional 74,722 shares in the last quarter. XTX Topco Ltd purchased a new position in RPC during the 4th quarter valued at about $69,000. Ameriprise Financial Inc. grew its position in RPC by 3.6% in the 4th quarter. Ameriprise Financial Inc. now owns 650,616 shares of the oil and gas company’s stock valued at $3,865,000 after acquiring an additional 22,348 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in RPC by 16.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,014 shares of the oil and gas company’s stock worth $191,000 after purchasing an additional 4,450 shares during the period. Finally, Deutsche Bank AG lifted its position in shares of RPC by 178.3% during the fourth quarter. Deutsche Bank AG now owns 183,418 shares of the oil and gas company’s stock worth $1,090,000 after purchasing an additional 117,518 shares in the last quarter. Hedge funds and other institutional investors own 41.06% of the company’s stock.

Wall Street Analysts Forecast Growth

RES has been the subject of a number of research reports. Susquehanna dropped their price objective on shares of RPC from $6.00 to $5.50 and set a “neutral” rating for the company in a report on Monday, April 14th. Citigroup upgraded shares of RPC from a “sell” rating to a “neutral” rating and dropped their price target for the stock from $5.50 to $4.75 in a research note on Tuesday, April 8th.

RPC Price Performance

RES stock opened at $4.95 on Thursday. The business’s 50-day moving average is $4.76 and its two-hundred day moving average is $5.55. The firm has a market capitalization of $1.09 billion, a P/E ratio of 11.50 and a beta of 0.85. RPC, Inc. has a 1 year low of $4.10 and a 1 year high of $7.54.

RPC (NYSE:RES) last released its earnings results on Thursday, April 24th. The oil and gas company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). RPC had a return on equity of 8.62% and a net margin of 6.46%. The firm had revenue of $332.88 million for the quarter, compared to analysts’ expectations of $326.72 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The firm’s quarterly revenue was down 11.9% on a year-over-year basis. On average, analysts expect that RPC, Inc. will post 0.31 EPS for the current year.

RPC Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were issued a $0.04 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 3.24%. RPC’s payout ratio is 44.44%.

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.