Bank of America Corp DE increased its position in shares of RPC, Inc. (NYSE:RES) by 4.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 273,695 shares of the oil and gas company’s stock after buying an additional 12,346 shares during the period. Bank of America Corp DE owned approximately 0.13% of RPC worth $5,011,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Norges Bank bought a new stake in shares of RPC during the fourth quarter valued at about $11,254,000. Quadrature Capital Ltd acquired a new stake in shares of RPC during the fourth quarter valued at approximately $865,000. Copper Rock Capital Partners LLC acquired a new stake in shares of RPC during the first quarter valued at approximately $19,204,000. Alpha Windward LLC purchased a new position in shares of RPC during the first quarter worth about $420,000. Finally, Glen Harbor Capital Management LLC raised its position in shares of RPC by 86.9% in the first quarter. Glen Harbor Capital Management LLC now owns 12,768 shares of the oil and gas company’s stock worth $234,000 after buying an additional 5,936 shares during the period. Institutional investors and hedge funds own 38.43% of the company’s stock.
RPC, Inc. (NYSE:RES) traded down 0.16% during trading on Friday, reaching $18.61. 1,517,784 shares of the company’s stock traded hands. RPC, Inc. has a 1-year low of $14.18 and a 1-year high of $23.36. The stock has a 50-day moving average price of $20.33 and a 200 day moving average price of $19.54. The stock’s market capitalization is $4.04 billion.
RPC (NYSE:RES) last released its earnings results on Wednesday, July 26th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $399 million for the quarter, compared to the consensus estimate of $415.65 million. RPC had a negative net margin of 1.15% and a negative return on equity of 1.74%. The company’s revenue was up 179.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.23) EPS. Equities research analysts expect that RPC, Inc. will post $0.81 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Thursday, August 10th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.29%. This is an increase from RPC’s previous quarterly dividend of $0.05. The ex-dividend date is Tuesday, August 8th. RPC’s dividend payout ratio (DPR) is currently -183.30%.
A number of equities analysts recently issued reports on RES shares. Morgan Stanley reduced their target price on RPC from $24.00 to $23.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 21st. Jefferies Group LLC set a $26.00 price objective on RPC and gave the company a “buy” rating in a research note on Wednesday, May 17th. Zacks Investment Research cut RPC from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Seaport Global Securities reiterated a “neutral” rating on shares of RPC in a report on Wednesday, July 26th. Finally, Piper Jaffray Companies reiterated a “neutral” rating and issued a $20.50 price objective (up from $18.75) on shares of RPC in a report on Wednesday, July 12th. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target 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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