Bank of America Corp DE Sells 607,945 Shares of RPC, Inc. (NYSE:RES)

Bank of America Corp DE trimmed its holdings in RPC, Inc. (NYSE:RES) by 38.7% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 961,994 shares of the oil and gas company’s stock after selling 607,945 shares during the quarter. Bank of America Corp DE owned about 0.45% of RPC worth $6,936,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Virginia Retirement Systems ET AL increased its holdings in RPC by 4.2% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 44,600 shares of the oil and gas company’s stock worth $322,000 after buying an additional 1,800 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of RPC by 0.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 280,301 shares of the oil and gas company’s stock valued at $2,019,000 after purchasing an additional 1,913 shares during the period. Marshall Wace North America L.P. bought a new stake in shares of RPC during the 1st quarter valued at about $25,000. Swiss National Bank grew its stake in shares of RPC by 2.0% during the 2nd quarter. Swiss National Bank now owns 119,900 shares of the oil and gas company’s stock valued at $864,000 after purchasing an additional 2,400 shares during the period. Finally, Strs Ohio bought a new stake in shares of RPC during the 2nd quarter valued at about $28,000. Institutional investors own 33.78% of the company’s stock.

RES stock opened at $4.95 on Friday. RPC, Inc. has a twelve month low of $4.65 and a twelve month high of $15.90. The company has a quick ratio of 2.45, a current ratio of 3.13 and a debt-to-equity ratio of 0.03. The stock has a market cap of $1.11 billion, a P/E ratio of 6.04, a PEG ratio of 348.53 and a beta of 1.09. The business’s 50-day moving average price is $5.41 and its 200-day moving average price is $7.67.

RPC (NYSE:RES) last posted its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.01). RPC had a net margin of 4.55% and a return on equity of 6.37%. The company had revenue of $358.50 million for the quarter, compared to analysts’ expectations of $362.40 million. During the same period in the previous year, the firm earned $0.28 earnings per share. The firm’s quarterly revenue was down 23.4% on a year-over-year basis. On average, equities research analysts expect that RPC, Inc. will post -0.01 earnings per share for the current fiscal year.

A number of equities research analysts have issued reports on the company. Citigroup cut their price target on RPC from $5.00 to $4.80 and set a “sell” rating for the company in a research note on Wednesday. Gabelli downgraded RPC from a “buy” rating to a “hold” rating in a research note on Thursday, July 25th. Barclays cut their price target on RPC from $5.50 to $5.00 and set an “underweight” rating for the company in a research note on Monday, September 30th. ValuEngine upgraded RPC from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley cut their price target on RPC from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Monday, October 7th. Eight research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. RPC presently has a consensus rating of “Hold” and a consensus price target of $10.06.

RPC Profile

RPC, Inc, through its subsidiaries, provides a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties. The company operates through Technical Services and Support Services segments. The Technical Services offers pressure pumping, fracturing, acidizing, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline, pump down, and fishing services that are used in the completion, production, and maintenance of oil and gas wells.

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Institutional Ownership by Quarter for RPC (NYSE:RES)

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