Ben M. Palmer Sells 35,479 Shares of RPC Inc. (RES) Stock
RPC Inc. (NYSE:RES) CFO Ben M. Palmer sold 35,479 shares of the business’s stock in a transaction on Thursday, November 17th. The stock was sold at an average price of $17.90, for a total value of $635,074.10. Following the transaction, the chief financial officer now directly owns 667,583 shares of the company’s stock, valued at approximately $11,949,735.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Shares of RPC Inc. (NYSE:RES) opened at 17.88 on Monday. RPC Inc. has a 12 month low of $9.73 and a 12 month high of $19.17. The company’s 50 day moving average price is $17.44 and its 200 day moving average price is $15.58. The company’s market cap is $3.89 billion.
RPC (NYSE:RES) last released its quarterly earnings results on Wednesday, October 26th. The company reported ($0.18) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.03. RPC had a negative return on equity of 17.64% and a negative net margin of 20.36%. The business had revenue of $175.90 million for the quarter, compared to the consensus estimate of $157.53 million. During the same quarter last year, the business posted ($0.16) earnings per share. The company’s revenue for the quarter was down 39.7% on a year-over-year basis. On average, equities analysts expect that RPC Inc. will post ($0.71) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Thursday, November 10th will be given a dividend of $0.05 per share. The ex-dividend date is Tuesday, November 8th. This represents a $0.20 dividend on an annualized basis and a yield of 1.12%. RPC’s payout ratio is -27.03%.
Large investors have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC purchased a new stake in RPC during the first quarter worth $643,000. Goldman Sachs Group Inc. increased its stake in RPC by 68.0% in the first quarter. Goldman Sachs Group Inc. now owns 156,272 shares of the company’s stock worth $2,216,000 after buying an additional 63,275 shares during the last quarter. Independent Portfolio Consultants Inc. increased its stake in RPC by 9.0% in the second quarter. Independent Portfolio Consultants Inc. now owns 12,220 shares of the company’s stock worth $190,000 after buying an additional 1,005 shares during the last quarter. Acadian Asset Management LLC increased its stake in RPC by 6,097.8% in the second quarter. Acadian Asset Management LLC now owns 30,555 shares of the company’s stock worth $475,000 after buying an additional 30,062 shares during the last quarter. Finally, Viking Fund Management LLC purchased a new stake in RPC during the second quarter worth $13,977,000. Institutional investors and hedge funds own 36.17% of the company’s stock.
A number of equities analysts have issued reports on RES shares. Zacks Investment Research cut RPC from a “hold” rating to a “sell” rating in a report on Wednesday, October 19th. Citigroup Inc. upped their target price on RPC from $16.00 to $19.00 and gave the stock a “neutral” rating in a report on Tuesday, October 11th. FBR & Co upped their target price on RPC from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, October 27th. TheStreet raised RPC from a “sell” rating to a “hold” rating in a report on Monday, October 31st. Finally, Seaport Global Securities reaffirmed a “reduce” rating on shares of RPC in a report on Wednesday, September 28th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $15.44.
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment to oil and gas companies engaged in the exploration, production and development of oil and gas properties across 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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