RPC, Inc. (RES) Shares Sold by Rhumbline Advisers

Rhumbline Advisers decreased its stake in RPC, Inc. (NYSE:RES) by 12.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 81,792 shares of the oil and gas company’s stock after selling 12,059 shares during the quarter. Rhumbline Advisers’ holdings in RPC were worth $2,028,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the company. Alliancebernstein L.P. boosted its holdings in shares of RPC by 58.4% in the 2nd quarter. Alliancebernstein L.P. now owns 9,040,717 shares of the oil and gas company’s stock worth $182,713,000 after purchasing an additional 3,333,619 shares during the period. Vanguard Group Inc. boosted its holdings in shares of RPC by 20.4% in the 2nd quarter. Vanguard Group Inc. now owns 6,076,306 shares of the oil and gas company’s stock worth $122,802,000 after purchasing an additional 1,028,001 shares during the period. Bank of New York Mellon Corp lifted 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 during the last quarter. Victory Capital Management Inc. lifted its stake in shares of RPC by 244.9% during the 3rd quarter. Victory Capital Management Inc. now owns 2,066,941 shares of the oil and gas company’s stock worth $51,239,000 after acquiring an additional 1,467,661 shares during the last quarter. Finally, Investec Asset Management LTD lifted its stake in shares of RPC by 52.7% during the 2nd quarter. Investec Asset Management LTD now owns 1,205,839 shares of the oil and gas company’s stock worth $24,370,000 after acquiring an additional 416,157 shares during the last quarter. Hedge funds and other institutional investors own 38.10% of the company’s stock.

In other news, Director Amy Rollins Kreisler bought 5,000 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was acquired at an average cost of $23.21 per share, with a total value of $116,050.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $116,050. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 73.50% of the company’s stock.

A number of brokerages recently issued reports on RES. Zacks Investment Research raised RPC from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a research note on Tuesday, October 17th. Cowen set a $24.00 price target on RPC and gave the stock a “hold” rating in a research note on Friday, October 6th. Jefferies Group set a $25.00 price target on RPC and gave the stock a “hold” rating in a research note on Thursday, October 26th. Raymond James Financial lowered RPC from a “strong-buy” rating to an “outperform” rating in a research note on Thursday, October 26th. Finally, BMO Capital Markets raised their price target on RPC from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Friday, November 10th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $24.66.

Shares of RPC, Inc. (RES) traded up $0.52 during midday trading on Tuesday, reaching $24.84. The company’s stock had a trading volume of 475,600 shares, compared to its average volume of 1,711,827. The company has a market cap of $5,350.00, a price-to-earnings ratio of 62.36, a PEG ratio of 1.66 and a beta of 1.14. RPC, Inc. has a 1-year low of $16.63 and a 1-year high of $26.45.

RPC (NYSE:RES) last issued its earnings results on Wednesday, October 25th. The oil and gas company reported $0.26 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.03). The firm had revenue of $471.00 million for the quarter, compared to the consensus estimate of $474.41 million. RPC had a net margin of 6.03% and a return on equity of 10.31%. The company’s revenue for the quarter was up 167.8% on a year-over-year basis. During the same period last year, the firm earned ($0.18) earnings per share. research analysts expect that RPC, Inc. will post 0.82 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Friday, November 10th were given a dividend of $0.07 per share. The ex-dividend date was Thursday, November 9th. This is a positive change from RPC’s previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a yield of 1.13%. RPC’s payout ratio is 73.68%.

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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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Institutional Ownership by Quarter for RPC (NYSE:RES)

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