Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of RPC, Inc. (NYSE:RES) by 343.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 9,282 shares of the oil and gas company’s stock after acquiring an additional 7,187 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in RPC were worth $237,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Zions Bancorporation bought a new position in shares of RPC during the 3rd quarter worth about $137,000. CENTRAL TRUST Co bought a new position in shares of RPC during the 4th quarter worth about $147,000. State of Alaska Department of Revenue bought a new position in shares of RPC during the 4th quarter worth about $147,000. The Manufacturers Life Insurance Company lifted its holdings in shares of RPC by 7.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock worth $132,000 after acquiring an additional 459 shares during the period. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of RPC by 52.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 8,105 shares of the oil and gas company’s stock worth $201,000 after acquiring an additional 2,800 shares during the period. 35.80% of the stock is owned by institutional investors.
A number of research firms have recently commented on RES. Guggenheim set a $25.00 price objective on shares of RPC and gave the stock a “buy” rating in a report on Monday, January 29th. Credit Suisse Group reduced their price objective on shares of RPC from $25.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. Wells Fargo & Co reduced their price objective on shares of RPC from $27.00 to $25.00 and set a “market perform” rating for the company in a report on Thursday, January 25th. BMO Capital Markets reduced their price objective on shares of RPC from $29.00 to $27.00 and set an “outperform” rating for the company in a report on Thursday, January 25th. Finally, B. Riley set a $27.00 price objective on shares of RPC and gave the stock a “hold” rating in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. RPC currently has a consensus rating of “Hold” and a consensus price target of $24.75.
RPC, Inc. (NYSE:RES) opened at $18.62 on Wednesday. RPC, Inc. has a 1-year low of $16.63 and a 1-year high of $27.07. The stock has a market cap of $4,067.48, a PE ratio of 28.03, a P/E/G ratio of 0.64 and a beta of 0.73.
RPC (NYSE:RES) last announced its earnings results on Wednesday, January 24th. The oil and gas company reported $0.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.16). RPC had a return on equity of 17.23% and a net margin of 10.19%. The company had revenue of $427.30 million during the quarter, compared to the consensus estimate of $515.04 million. During the same period in the prior year, the firm posted ($0.10) earnings per share. The company’s revenue was up 93.3% on a year-over-year basis. equities analysts anticipate that RPC, Inc. will post 1.64 EPS for the current year.
RPC declared that its Board of Directors has authorized a share buyback program on Monday, February 12th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 9th. Shareholders of record on Friday, February 9th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, February 8th. This is an increase from RPC’s previous quarterly dividend of $0.07. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.15%. RPC’s payout ratio is currently 53.33%.
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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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