Strategic Global Advisors LLC reduced its position in shares of RPC, Inc. (NYSE:RES) by 17.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,293 shares of the oil and gas company’s stock after selling 9,960 shares during the period. Strategic Global Advisors LLC’s holdings in RPC were worth $936,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its position in shares of RPC by 12.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 21,424 shares of the oil and gas company’s stock valued at $433,000 after acquiring an additional 2,372 shares in the last quarter. Amalgamated Bank acquired a new stake in shares of RPC during the 2nd quarter valued at approximately $223,000. Nationwide Fund Advisors raised its position in shares of RPC by 47.2% during the 2nd quarter. Nationwide Fund Advisors now owns 63,850 shares of the oil and gas company’s stock valued at $1,290,000 after acquiring an additional 20,470 shares in the last quarter. Icon Advisers Inc. Co. raised its position in shares of RPC by 10.1% during the 2nd quarter. Icon Advisers Inc. Co. now owns 480,300 shares of the oil and gas company’s stock valued at $9,707,000 after acquiring an additional 44,200 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of RPC by 58.4% during the 2nd quarter. Alliancebernstein L.P. now owns 9,040,717 shares of the oil and gas company’s stock valued at $182,713,000 after acquiring an additional 3,333,619 shares in the last quarter. 38.18% of the stock is currently owned by institutional investors and hedge funds.
RPC, Inc. (NYSE:RES) traded up 1.93% on Friday, hitting $22.69. The stock had a trading volume of 3,547,880 shares. RPC, Inc. has a 1-year low of $14.68 and a 1-year high of $23.36. The firm’s 50-day moving average price is $20.06 and its 200-day moving average price is $19.40. The firm’s market cap is $4.93 billion.
RPC (NYSE:RES) last issued its quarterly earnings data on Wednesday, July 26th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.06. RPC had a negative return on equity of 1.74% and a negative net margin of 1.15%. The firm had revenue of $399.00 million during the quarter, compared to the consensus estimate of $415.65 million. During the same quarter in the previous year, the company posted ($0.23) EPS. The business’s revenue for the quarter was up 179.0% compared to the same quarter last year. On average, equities research analysts predict that RPC, Inc. will post $0.81 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Thursday, August 10th were given a $0.06 dividend. This is an increase from RPC’s previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, August 8th. This represents a $0.24 annualized dividend and a yield of 1.06%. RPC’s payout ratio is presently -183.30%.
Several equities research analysts recently issued reports on RES shares. Jefferies Group LLC set a $26.00 price target on RPC and gave the company a “buy” rating in a research report on Monday, August 28th. Barclays PLC initiated coverage on RPC in a research report on Tuesday, September 5th. They set an “equal weight” rating and a $19.00 price target on the stock. Morgan Stanley lowered their price objective on RPC from $24.00 to $23.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 21st. Zacks Investment Research downgraded RPC from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. Finally, Cowen and Company restated a “hold” rating and set a $24.00 price objective on shares of RPC in a research note on Friday, September 1st. Eleven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $22.69.
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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