Scout Investments Inc. Reduces Position in RPC, Inc. (RES)
Scout Investments Inc. decreased its position in shares of RPC, Inc. (NYSE:RES) by 9.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 587,394 shares of the oil and gas company’s stock after selling 59,690 shares during the period. Scout Investments Inc. owned 0.27% of RPC worth $11,871,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of the stock. Meadow Creek Investment Management LLC raised its stake in shares of RPC by 86.9% in the first quarter. Meadow Creek Investment Management LLC now owns 10,032 shares of the oil and gas company’s stock worth $184,000 after buying an additional 4,664 shares during the period. UBS Asset Management Americas Inc. raised its stake in RPC by 48.9% in the first quarter. UBS Asset Management Americas Inc. now owns 43,792 shares of the oil and gas company’s stock valued at $802,000 after buying an additional 14,380 shares during the last quarter. Icon Advisers Inc. Co. raised its stake in RPC by 5.7% in the first quarter. Icon Advisers Inc. Co. now owns 436,100 shares of the oil and gas company’s stock valued at $7,985,000 after buying an additional 23,600 shares during the last quarter. Swiss National Bank raised its stake in RPC by 2.5% in the first quarter. Swiss National Bank now owns 107,400 shares of the oil and gas company’s stock valued at $1,966,000 after buying an additional 2,600 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in RPC by 40.9% in the first quarter. BNP Paribas Arbitrage SA now owns 10,503 shares of the oil and gas company’s stock valued at $192,000 after buying an additional 3,048 shares during the last quarter. 38.18% of the stock is owned by institutional investors.
RPC, Inc. (NYSE:RES) opened at 19.36 on Friday. The firm’s market cap is $4.21 billion. RPC, Inc. has a 52-week low of $14.18 and a 52-week high of $23.36. The firm’s 50-day moving average is $20.00 and its 200-day moving average is $19.34.
RPC (NYSE:RES) last announced its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The firm had revenue of $399 million during the quarter, compared to analysts’ expectations of $415.65 million. RPC had a negative net margin of 1.15% and a negative return on equity of 1.74%. The company’s revenue for the quarter was up 179.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.23) earnings per share. Analysts forecast that RPC, Inc. will post $0.81 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Thursday, August 10th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $0.24 dividend on an annualized basis and a yield of 1.24%. This is a boost from RPC’s previous quarterly dividend of $0.05. RPC’s dividend payout ratio (DPR) is currently -183.30%.
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RES has been the subject of several analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $26.00 price objective on shares of RPC in a research note on Friday, June 9th. Morgan Stanley reduced their price objective on shares of RPC from $24.00 to $23.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 21st. Cowen and Company lifted their price objective on shares of RPC from $20.00 to $24.00 and gave the company a “market perform” rating in a research note on Thursday, July 27th. Zacks Investment Research lowered shares of RPC from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. Finally, Seaport Global Securities lowered shares of RPC from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $25.00 to $20.00 in a research note on Wednesday, June 21st. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $22.91.
RPC Company Profile
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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