Royce & Associates LP Sells 25,000 Shares of RPC, Inc. (RES)
Royce & Associates LP reduced its stake in shares of RPC, Inc. (NYSE:RES) by 6.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 337,775 shares of the oil and gas company’s stock after selling 25,000 shares during the period. Royce & Associates LP owned 0.16% of RPC worth $6,826,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. Winch Advisory Services LLC boosted its holdings in shares of RPC by 284.9% during the 2nd quarter. Winch Advisory Services LLC now owns 20,055 shares of the oil and gas company’s stock worth $405,000 after purchasing an additional 14,845 shares during the last quarter. RFG Advisory Group LLC acquired a new position in shares of RPC during the 2nd quarter worth approximately $265,000. Victory Capital Management Inc. boosted its holdings in shares of RPC by 16.5% during the 2nd quarter. Victory Capital Management Inc. now owns 599,280 shares of the oil and gas company’s stock worth $12,111,000 after purchasing an additional 84,880 shares during the last quarter. Federated Investors Inc. PA boosted its holdings in shares of RPC by 14.4% during the 2nd quarter. Federated Investors Inc. PA now owns 27,419 shares of the oil and gas company’s stock worth $554,000 after purchasing an additional 3,450 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of RPC by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,167,567 shares of the oil and gas company’s stock worth $43,807,000 after purchasing an additional 16,785 shares during the last quarter. Institutional investors and hedge funds own 38.18% of the company’s stock.
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RPC, Inc. (RES) opened at 19.36 on Tuesday. The firm’s market capitalization is $4.21 billion. The firm’s 50-day moving average price is $20.00 and its 200-day moving average price is $19.34. RPC, Inc. has a 1-year low of $14.18 and a 1-year high of $23.36.
RPC (NYSE:RES) last announced its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.06. The company had revenue of $399 million for the quarter, compared to analyst estimates of $415.65 million. RPC had a negative net margin of 1.15% and a negative return on equity of 1.74%. RPC’s revenue for the quarter was up 179.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.23) EPS. On average, equities research analysts predict that RPC, Inc. will post $0.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Thursday, August 10th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend is Tuesday, August 8th. This is a positive change from RPC’s previous quarterly dividend of $0.05. RPC’s dividend payout ratio (DPR) is -183.30%.
RES has been the topic of several recent research reports. Jefferies Group LLC set a $26.00 target price on RPC and gave the stock a “buy” rating in a report on Monday, August 28th. Morgan Stanley lowered their target price on RPC from $24.00 to $23.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 21st. Zacks Investment Research cut RPC from a “buy” rating to a “hold” rating in a report on Tuesday, July 18th. Cowen and Company reiterated a “hold” rating and issued a $24.00 price objective on shares of RPC in a report on Friday. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of RPC in a report on Wednesday, July 26th. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the company. RPC presently has a consensus rating of “Hold” and a consensus 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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