NGAM Advisors L.P. lowered its stake in shares of RPC, Inc. (NYSE:RES) by 0.5% during the second quarter, Holdings Channel reports. The fund owned 88,102 shares of the oil and gas company’s stock after selling 480 shares during the period. NGAM Advisors L.P.’s holdings in RPC were worth $1,780,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of the stock. Mutual of America Capital Management LLC bought a new stake in shares of RPC during the first quarter worth approximately $1,615,000. Alliancebernstein L.P. boosted its stake in shares of RPC by 21.6% in the first quarter. Alliancebernstein L.P. now owns 5,707,098 shares of the oil and gas company’s stock worth $104,497,000 after buying an additional 1,012,027 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of RPC by 142.4% in the first quarter. Goldman Sachs Group Inc. now owns 465,621 shares of the oil and gas company’s stock worth $8,526,000 after buying an additional 273,554 shares in the last quarter. Norges Bank bought a new stake in shares of RPC during the fourth quarter worth approximately $11,254,000. Finally, Prescott Group Capital Management L.L.C. bought a new stake in shares of RPC during the second quarter worth approximately $715,000. 40.24% of the stock is currently owned by institutional investors and hedge funds.
RPC, Inc. (RES) opened at 19.70 on Monday. RPC, Inc. has a one year low of $14.18 and a one year high of $23.36. The company has a 50-day moving average of $20.45 and a 200-day moving average of $19.65. The stock’s market capitalization is $4.28 billion.
RPC (NYSE:RES) last posted its quarterly earnings data on Wednesday, July 26th. The oil and gas company reported $0.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.06. RPC had a negative net margin of 1.15% and a negative return on equity of 1.74%. The business had revenue of $399 million during the quarter, compared to the consensus estimate of $415.65 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. The business’s revenue for the quarter was up 179.0% compared to the same quarter last year. On average, equities analysts forecast that RPC, Inc. will post $0.84 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.06 per share. This is an increase from RPC’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a dividend yield of 1.22%. The ex-dividend date is Tuesday, August 8th. RPC’s payout ratio is presently -183.30%.
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A number of analysts have recently commented on RES shares. Jefferies Group LLC set a $26.00 price target on RPC and gave the stock a “buy” rating in a research report on Saturday, June 17th. Morgan Stanley dropped their price target on RPC from $24.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 21st. Zacks Investment Research cut RPC from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Wolfe Research cut RPC from an “outperform” rating to a “market perform” rating and set a $20.00 price target on the stock. in a research report on Monday, April 17th. Finally, Cowen and Company boosted their price target on RPC from $20.00 to $24.00 and gave the stock a “market perform” rating in a research report on Thursday, July 27th. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. RPC currently has a consensus rating of “Hold” and an average target price of $22.91.
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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