Mackenzie Financial Corp lessened its holdings in RPC, Inc. (NYSE:RES) by 19.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,629,583 shares of the oil and gas company’s stock after selling 402,414 shares during the quarter. Mackenzie Financial Corp owned 0.75% of RPC worth $40,397,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of RES. The Manufacturers Life Insurance Company boosted its holdings in shares of RPC by 7.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock valued at $132,000 after purchasing an additional 459 shares in the last quarter. Calamos Advisors LLC acquired a new stake in shares of RPC during the 3rd quarter valued at $206,000. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of RPC during the 3rd quarter valued at $216,000. Bbva Compass Bancshares Inc. acquired a new stake in shares of RPC during the 2nd quarter valued at $219,000. Finally, Amalgamated Bank acquired a new stake in shares of RPC during the 2nd quarter valued at $223,000. 38.10% of the stock is currently owned by hedge funds and other institutional investors.
In other RPC news, Director Amy Rollins Kreisler acquired 5,000 shares of the stock in a transaction dated Friday, October 27th. The stock was purchased at an average cost of $23.21 per share, with a total value of $116,050.00. Following the transaction, the director now owns 5,000 shares in the company, valued at approximately $116,050. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 73.50% of the company’s stock.
Shares of RPC, Inc. (RES) traded down $0.61 on Wednesday, reaching $24.52. The company’s stock had a trading volume of 615,600 shares, compared to its average volume of 1,731,901. The firm has a market cap of $5,442.80, a P/E ratio of 64.44, a PEG ratio of 1.71 and a beta of 1.14. RPC, Inc. has a 52-week low of $16.63 and a 52-week high of $26.45.
RPC (NYSE:RES) last announced its earnings results on Wednesday, October 25th. The oil and gas company reported $0.26 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.03). RPC had a return on equity of 10.31% and a net margin of 6.03%. The company had revenue of $471.00 million for the quarter, compared to analyst estimates of $474.41 million. During the same period in the previous year, the firm posted ($0.18) earnings per share. The firm’s quarterly revenue was up 167.8% compared to the same quarter last year. equities analysts predict that RPC, Inc. will post 0.82 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 10th will be given a $0.07 dividend. The ex-dividend date is Thursday, November 9th. This is a positive change from RPC’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a dividend yield of 1.14%. RPC’s dividend payout ratio (DPR) is 73.69%.
RES has been the topic of several recent research reports. Jefferies Group set a $25.00 price objective on RPC and gave the company a “hold” rating in a report on Thursday, October 26th. Morgan Stanley downgraded RPC from an “equal weight” rating to an “underweight” rating and set a $25.00 price objective on the stock. in a report on Tuesday, November 14th. They noted that the move was a valuation call. Credit Suisse Group downgraded RPC from an “outperform” rating to a “neutral” rating in a report on Friday, October 13th. They noted that the move was a valuation call. Barclays initiated coverage on RPC in a report on Tuesday, September 5th. They set an “equal weight” rating and a $19.00 price objective on the stock. Finally, Raymond James Financial downgraded RPC from a “strong-buy” rating to an “outperform” rating in a report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and nine have assigned a buy rating to the company. RPC currently has an average rating of “Hold” and a consensus target price of $24.23.
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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