Viking Fund Management LLC Decreases Stake in RPC, Inc. (NYSE:RES)

Viking Fund Management LLC decreased its stake in RPC, Inc. (NYSE:RES) by 1.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,200,000 shares of the oil and gas company’s stock after selling 20,000 shares during the period. RPC accounts for approximately 3.7% of Viking Fund Management LLC’s investment portfolio, making the stock its largest position. Viking Fund Management LLC owned about 0.55% of RPC worth $24,252,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Peregrine Capital Management LLC boosted its position in shares of RPC by 2.0% in the second quarter. Peregrine Capital Management LLC now owns 410,273 shares of the oil and gas company’s stock valued at $8,292,000 after buying an additional 8,208 shares in the last quarter. Aperio Group LLC boosted its position in shares of RPC by 8.6% in the second quarter. Aperio Group LLC now owns 60,098 shares of the oil and gas company’s stock valued at $1,215,000 after buying an additional 4,783 shares in the last quarter. Alpha Windward LLC boosted its position in shares of RPC by 7.5% in the second quarter. Alpha Windward LLC now owns 24,637 shares of the oil and gas company’s stock valued at $498,000 after buying an additional 1,717 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of RPC by 62.2% in the second quarter. Nisa Investment Advisors LLC now owns 36,500 shares of the oil and gas company’s stock valued at $711,000 after buying an additional 14,000 shares in the last quarter. Finally, Denali Advisors LLC acquired a new position in shares of RPC during the second quarter valued at $1,556,000. 40.20% of the stock is owned by institutional investors.

Shares of RPC, Inc. (NYSE RES) traded down 2.67% during midday trading on Friday, reaching $20.81. The company’s stock had a trading volume of 568,792 shares. RPC, Inc. has a one year low of $13.49 and a one year high of $23.36. The firm has a 50-day moving average of $20.04 and a 200-day moving average of $19.69. The stock’s market cap is $4.53 billion.

RPC (NYSE:RES) last announced its quarterly earnings data on Wednesday, April 26th. The oil and gas company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The firm had revenue of $298.12 million during the quarter, compared to the consensus estimate of $273.35 million. RPC had a negative return on equity of 12.86% and a negative net margin of 12.54%. The business’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.15) EPS. On average, analysts forecast that RPC, Inc. will post $0.63 EPS for the current year.

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Several brokerages have recently weighed in on RES. Jefferies Group LLC reaffirmed a “buy” rating and set a $26.00 price target on shares of RPC in a research note on Friday. Zacks Investment Research cut shares of RPC from a “buy” rating to a “hold” rating in a research note on Tuesday. 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. Morgan Stanley decreased their price target on shares of RPC from $24.00 to $23.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 21st. Finally, 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. Eleven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $22.68.

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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