Federated Investors Inc. PA boosted its stake in shares of RPC, Inc. (NYSE:RES) by 52.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,005 shares of the oil and gas company’s stock after buying an additional 7,881 shares during the period. Federated Investors Inc. PA’s holdings in RPC were worth $456,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. State Street Corp boosted its position in shares of RPC by 5.4% in the fourth quarter. State Street Corp now owns 1,272,632 shares of the oil and gas company’s stock valued at $25,211,000 after buying an additional 64,684 shares during the last quarter. Artemis Investment Management LLP acquired a new position in RPC during the fourth quarter worth approximately $9,330,000. Russell Investments Group Ltd. acquired a new position in RPC during the fourth quarter worth approximately $1,536,000. ELCO Management Co. LLC acquired a new position in RPC during the third quarter worth approximately $1,357,000. Finally, Ashburton Jersey Ltd acquired a new position in RPC during the third quarter worth approximately $1,630,000. 37.31% of the stock is currently owned by hedge funds and other institutional investors.
RPC, Inc. (NYSE:RES) traded down 1.51% during midday trading on Friday, hitting $17.60. 1,899,656 shares of the company were exchanged. The stock has a 50 day moving average of $18.53 and a 200 day moving average of $19.40. RPC, Inc. has a 1-year low of $13.12 and a 1-year high of $23.36. The firm’s market capitalization is $3.83 billion.
RPC (NYSE:RES) last posted its quarterly earnings results on Wednesday, January 25th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.03. RPC had a negative net margin of 19.38% and a negative return on equity of 16.10%. The company earned $221 million during the quarter, compared to analyst estimates of $204.55 million. During the same period last year, the firm posted ($0.18) EPS. RPC’s revenue for the quarter was down 17.6% compared to the same quarter last year. On average, equities analysts predict that RPC, Inc. will post $0.20 earnings per share for the current fiscal year.
A number of equities analysts recently commented on the company. Wolfe Research cut RPC from an “outperform” rating to a “market perform” rating and set a $20.00 price target for the company. in a report on Monday. BMO Capital Markets started coverage on shares of RPC in a research report on Wednesday, April 12th. They set an “outperform” rating and a $24.00 price objective for the company. Jefferies Group LLC restated a “buy” rating and set a $26.00 price objective on shares of RPC in a research report on Thursday, April 6th. Zacks Investment Research upgraded shares of RPC from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research report on Wednesday, March 29th. Finally, Tudor Pickering started coverage on shares of RPC in a research report on Thursday, March 23rd. They set a “buy” rating for the company. Eight research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $22.75.
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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