132,296 Shares of RPC, Inc. $RES Bought by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC purchased a new stake in shares of RPC, Inc. (NYSE:RES) in the third quarter, according to the company in its most recent filing with the SEC. The fund purchased 132,296 shares of the oil and gas company’s stock, valued at approximately $745,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its holdings in RPC by 28.7% during the 3rd quarter. GAMMA Investing LLC now owns 7,892 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 1,761 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in shares of RPC by 19.4% in the first quarter. New York State Teachers Retirement System now owns 25,770 shares of the oil and gas company’s stock valued at $182,000 after purchasing an additional 4,181 shares in the last quarter. USA Financial Formulas bought a new position in shares of RPC in the third quarter valued at approximately $40,000. State of Wyoming lifted its holdings in shares of RPC by 18.1% in the first quarter. State of Wyoming now owns 46,639 shares of the oil and gas company’s stock valued at $330,000 after purchasing an additional 7,136 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of RPC by 1.9% in the first quarter. Principal Financial Group Inc. now owns 432,086 shares of the oil and gas company’s stock valued at $3,059,000 after purchasing an additional 8,229 shares in the last quarter. 41.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RES has been the subject of a number of analyst reports. Susquehanna lowered their price target on RPC from $7.50 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, July 8th. Weiss Ratings cut RPC from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, September 16th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, RPC has a consensus rating of “Reduce” and a consensus target price of $6.00.

RPC Stock Up 2.3%

RPC stock opened at $6.05 on Friday. RPC, Inc. has a fifty-two week low of $4.24 and a fifty-two week high of $8.16. The stock has a market cap of $1.34 billion, a PE ratio of 67.28 and a beta of 0.86. The firm’s 50-day simple moving average is $6.15 and its 200 day simple moving average is $6.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.76 and a current ratio of 3.34.

RPC (NYSE:RES) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $460.87 million during the quarter, compared to the consensus estimate of $463.48 million. RPC had a net margin of 1.28% and a return on equity of 4.82%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.08 EPS. Research analysts predict that RPC, Inc. will post 0.26 EPS for the current fiscal year.

RPC Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Monday, August 10th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $0.16 annualized dividend and a dividend yield of 2.6%. RPC’s dividend payout ratio (DPR) is currently 177.78%.

About RPC

RPC, Inc (NYSE:RES) is an oilfield services company that provides specialized equipment, personnel and technical services to oil and natural gas exploration and production companies. Its operations support the drilling, completion, production and maintenance of onshore oil and gas wells.

The company’s service offerings include pressure pumping, well testing, coiled tubing, snubbing, nitrogen services, wireline services, downhole tools and related well-control solutions. RPC also provides equipment and services used to improve well performance, manage pressure and assist with intervention work throughout the life of a well.

Founded in 1984 and headquartered in Atlanta, Georgia, RPC serves customers primarily in the United States, with operations and service capabilities that have also extended to selected international markets.