Impala Asset Management LLC raised its stake in RPC, Inc. (NYSE:RES) by 50.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 150,000 shares of the oil and gas company’s stock after purchasing an additional 50,000 shares during the quarter. Impala Asset Management LLC owned 0.07% of RPC worth $3,719,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its position in RPC by 7.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock valued at $132,000 after purchasing an additional 459 shares during the last quarter. Pacer Advisors Inc. lifted its position in RPC by 12.0% in the second quarter. Pacer Advisors Inc. now owns 11,360 shares of the oil and gas company’s stock valued at $230,000 after purchasing an additional 1,216 shares during the last quarter. Advisory Services Network LLC lifted its position in RPC by 15.9% in the second quarter. Advisory Services Network LLC now owns 13,028 shares of the oil and gas company’s stock valued at $263,000 after purchasing an additional 1,790 shares during the last quarter. Northern Trust Corp increased its stake in shares of RPC by 0.5% during the second quarter. Northern Trust Corp now owns 369,609 shares of the oil and gas company’s stock valued at $7,470,000 after buying an additional 1,951 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of RPC by 12.5% during the second quarter. PNC Financial Services Group Inc. now owns 21,424 shares of the oil and gas company’s stock valued at $433,000 after buying an additional 2,372 shares during the period. Hedge funds and other institutional investors own 38.10% of the company’s stock.
RES has been the topic of several research analyst reports. Jefferies Group set a $25.00 target price on RPC and gave the company a “hold” rating in a research note on Thursday, October 26th. Morgan Stanley cut RPC from an “equal weight” rating to an “underweight” rating and set a $25.00 target price on the stock. in a research note on Tuesday, November 14th. They noted that the move was a valuation call. Credit Suisse Group cut RPC from an “outperform” rating to a “neutral” rating in a research note on Friday, October 13th. They noted that the move was a valuation call. Barclays initiated coverage on RPC in a research note on Tuesday, September 5th. They set an “equal weight” rating and a $19.00 target price on the stock. Finally, Raymond James Financial cut RPC from a “strong-buy” rating to an “outperform” rating in a research note on Thursday, October 26th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $24.23.
RPC (NYSE:RES) last released its earnings results on Wednesday, October 25th. The oil and gas company reported $0.26 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.03). RPC had a return on equity of 10.31% and a net margin of 6.03%. The company had revenue of $471.00 million during the quarter, compared to the consensus estimate of $474.41 million. During the same period last year, the firm posted ($0.18) earnings per share. The company’s revenue was up 167.8% compared to the same quarter last year. equities analysts expect that RPC, Inc. will post 0.82 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 10th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.11%. This is an increase from RPC’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, November 9th. RPC’s payout ratio is 73.68%.
In related news, Director Amy Rollins Kreisler bought 5,000 shares of the company’s stock in a transaction on Friday, October 27th. The shares were acquired at an average cost of $23.21 per share, with a total value of $116,050.00. Following the completion of the acquisition, the director now owns 5,000 shares of the company’s stock, valued at approximately $116,050. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 73.50% of the company’s stock.
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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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