Utah Retirement Systems held its stake in shares of RPC, Inc. (NYSE:RES) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,560 shares of the oil and gas company’s stock at the end of the second quarter. Utah Retirement Systems’ holdings in RPC were worth $213,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. Winch Advisory Services LLC grew its stake 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 acquiring an additional 14,845 shares in the last quarter. RFG Advisory Group LLC bought a new position in shares of RPC during the 2nd quarter worth approximately $265,000. Victory Capital Management Inc. grew its stake 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 acquiring an additional 84,880 shares in the last quarter. Federated Investors Inc. PA grew its stake 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 acquiring an additional 3,450 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake 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 acquiring an additional 16,785 shares in the last quarter. 38.18% of the stock is owned by institutional investors.
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Shares of RPC, Inc. (NYSE RES) opened at 22.69 on Friday. The firm’s market cap is $4.93 billion. The firm’s 50-day moving average price is $20.06 and its 200 day moving average price is $19.40. RPC, Inc. has a one year low of $14.68 and a one 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 (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.06. RPC had a negative return on equity of 1.74% and a negative net margin of 1.15%. The business had revenue of $399.00 million during the quarter, compared to the consensus estimate of $415.65 million. During the same quarter in the prior year, the company posted ($0.23) earnings per share. RPC’s revenue was up 179.0% compared to the same quarter last year. Analysts predict that RPC, Inc. will post $0.81 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Thursday, August 10th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.24 annualized dividend and a yield of 1.06%. This is an increase from RPC’s previous quarterly dividend of $0.05. RPC’s dividend payout ratio is -183.30%.
Several equities analysts have recently weighed in on the stock. Jefferies Group LLC set a $26.00 price target on shares of RPC and gave the stock a “buy” rating in a research note on Saturday, June 17th. Cowen and Company raised their price target on shares of RPC from $20.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday, July 27th. Seaport Global Securities cut shares of RPC from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $25.00 to $20.00 in a research note on Wednesday, June 21st. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $20.50 price target (up from $18.75) on shares of RPC in a research note on Wednesday, July 12th. Finally, Zacks Investment Research cut shares of RPC from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. Eleven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $22.69.
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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