Teacher Retirement System of Texas bought a new position in RPC, Inc. (NYSE:RES) during the fourth quarter, Holdings Channel reports. The fund bought 21,892 shares of the oil and gas company’s stock, valued at approximately $559,000.
Several other institutional investors have also bought and sold shares of RES. The Manufacturers Life Insurance Company increased its holdings in shares of RPC by 7.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock worth $132,000 after buying an additional 459 shares during the last quarter. First Trust Advisors LP bought a new stake in shares of RPC in the 3rd quarter worth about $3,815,000. Aperio Group LLC increased its holdings in shares of RPC by 12.5% in the 3rd quarter. Aperio Group LLC now owns 67,633 shares of the oil and gas company’s stock worth $1,677,000 after buying an additional 7,535 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in shares of RPC in the 3rd quarter worth about $216,000. Finally, Prudential Financial Inc. increased its holdings in shares of RPC by 19.1% in the 3rd quarter. Prudential Financial Inc. now owns 28,660 shares of the oil and gas company’s stock worth $711,000 after buying an additional 4,600 shares during the last quarter. Hedge funds and other institutional investors own 35.46% of the company’s stock.
A number of research firms have recently weighed in on RES. Wells Fargo & Co reduced their target price on shares of RPC from $27.00 to $25.00 and set a “market perform” rating on the stock in a report on Thursday, January 25th. Cowen set a $28.00 price target on shares of RPC and gave the stock a “hold” rating in a research note on Thursday, January 11th. B. Riley set a $27.00 price target on shares of RPC and gave the stock a “hold” rating in a research note on Wednesday, January 24th. Credit Suisse Group dropped their price target on shares of RPC from $25.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, January 25th. Finally, BMO Capital Markets dropped their price target on shares of RPC from $29.00 to $27.00 and set an “outperform” rating for the company in a research note on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. RPC presently has a consensus rating of “Hold” and an average target price of $24.85.
RPC (NYSE:RES) last released its quarterly earnings data on Wednesday, January 24th. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.16). The company had revenue of $427.30 million during the quarter, compared to analysts’ expectations of $515.04 million. RPC had a net margin of 10.19% and a return on equity of 16.90%. RPC’s quarterly revenue was up 93.3% on a year-over-year basis. During the same period last year, the firm earned ($0.10) earnings per share. analysts anticipate that RPC, Inc. will post 1.66 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Shareholders of record on Friday, February 9th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.96%. This is a boost from RPC’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend was Thursday, February 8th. RPC’s payout ratio is 60.61%.
RPC announced that its board has initiated a stock repurchase plan on Monday, February 12th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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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