Pacer Advisors Inc. Sells 6,490,394 Shares of RPC, Inc. (NYSE:RES)

Pacer Advisors Inc. reduced its holdings in RPC, Inc. (NYSE:RES) by 86.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,049,370 shares of the oil and gas company’s stock after selling 6,490,394 shares during the quarter. Pacer Advisors Inc.’s holdings in RPC were worth $5,772,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in RPC in the fourth quarter valued at $64,000. Vise Technologies Inc. bought a new stake in shares of RPC in the 4th quarter valued at about $66,000. Renaissance Technologies LLC acquired a new stake in shares of RPC in the fourth quarter valued at about $68,000. XTX Topco Ltd bought a new position in shares of RPC during the fourth quarter worth about $69,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of RPC in the first quarter worth approximately $69,000. Institutional investors own 41.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Stifel Nicolaus decreased their target price on shares of RPC from $6.00 to $5.00 and set a “hold” rating for the company in a research report on Wednesday, July 16th. Piper Sandler set a $5.00 price objective on shares of RPC and gave the stock an “underweight” rating in a research report on Monday, July 14th. Susquehanna dropped their target price on shares of RPC from $5.50 to $5.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Citigroup raised shares of RPC from a “sell” rating to a “neutral” rating and cut their price target for the company from $5.50 to $4.75 in a research report on Tuesday, April 8th.

RPC Stock Performance

Shares of RES stock opened at $4.80 on Monday. The company has a quick ratio of 2.16, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. RPC, Inc. has a 52 week low of $4.10 and a 52 week high of $7.53. The firm has a 50 day moving average of $4.84 and a 200-day moving average of $5.29. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 18.44 and a beta of 0.85.

RPC (NYSE:RES) last posted its quarterly earnings results on Thursday, July 24th. The oil and gas company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). RPC had a return on equity of 5.65% and a net margin of 3.77%. The company had revenue of $420.81 million during the quarter, compared to analyst estimates of $421.08 million. During the same quarter in the previous year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, equities analysts forecast that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 11th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date is Monday, August 11th. RPC’s payout ratio is 61.54%.

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.