RPC, Inc. (NYSE:RES)’s stock price fell 5.9% during trading on Friday following insider selling activity. The stock traded as low as $3.98 and last traded at $3.98. 2,383 shares changed hands during mid-day trading, a decline of 100% from the average session volume of 935,186 shares. The stock had previously closed at $4.23.
Specifically, Director Gary W. Rollins sold 180,000 shares of RPC stock in a transaction that occurred on Monday, June 21st. The shares were sold at an average price of $5.69, for a total transaction of $1,024,200.00. Following the completion of the sale, the director now owns 5,199,461 shares of the company’s stock, valued at $29,584,933.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gary W. Rollins sold 42,525 shares of RPC stock in a transaction that occurred on Friday, September 10th. The shares were sold at an average price of $3.92, for a total transaction of $166,698.00. Following the sale, the director now directly owns 78,700,000 shares of the company’s stock, valued at approximately $308,504,000. The disclosure for this sale can be found here. Insiders have sold 692,525 shares of company stock valued at $3,505,698 in the last 90 days. Company insiders own 69.00% of the company’s stock.
Separately, Citigroup raised shares of RPC from a “sell” rating to a “neutral” rating in a research note on Monday, September 13th.
Hedge funds have recently modified their holdings of the company. Marshall Wace North America L.P. acquired a new position in shares of RPC during the first quarter worth $25,000. Royal Bank of Canada increased its position in shares of RPC by 594.9% during the second quarter. Royal Bank of Canada now owns 5,754 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 4,926 shares in the last quarter. Captrust Financial Advisors increased its position in shares of RPC by 696.4% during the first quarter. Captrust Financial Advisors now owns 7,964 shares of the oil and gas company’s stock worth $43,000 after purchasing an additional 6,964 shares in the last quarter. Moors & Cabot Inc. acquired a new position in shares of RPC during the first quarter worth $60,000. Finally, Marshall Wace LLP acquired a new position in shares of RPC during the second quarter worth $62,000. 26.79% of the stock is currently owned by institutional investors and hedge funds.
About RPC (NYSE:RES)
RPC, Inc engages in the exploration, production and development of oil and gas properties. It operates through the following segments: Technical Services and Support Services. The Technical Services segment provides oil and gas, fracturing, acidizing, coiled tubing, snubbing, nitrogen, well control, wireline and fishing services.
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