Range Financial Group LLC Makes New Investment in RPC, Inc. $RES

Key Points

• Range Financial Group LLC acquired 276,668 shares of RPC, Inc. valued at approximately $1.3 million, indicating growing institutional investment in the company.
• Analysts have generally reduced their target prices for RPC, with Piper Sandler lowering it to $4.00 and a consensus average target price now at $4.69.
• RPC recently declared a quarterly dividend of $0.04 per share, resulting in an annualized yield of 3.6%.

Range Financial Group LLC acquired a new position in shares of RPC, Inc. (NYSE:RES - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 276,668 shares of the oil and gas company's stock, valued at approximately $1,309,000. Range Financial Group LLC owned about 0.13% of RPC at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. State of Wyoming purchased a new stake in RPC in the 1st quarter worth approximately $53,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in RPC in the 1st quarter worth approximately $64,000. Vise Technologies Inc. purchased a new stake in RPC in the 4th quarter worth approximately $66,000. Teacher Retirement System of Texas purchased a new stake in RPC in the 1st quarter worth approximately $69,000. Finally, Two Sigma Advisers LP purchased a new stake in RPC in the 4th quarter worth approximately $70,000. 41.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the stock. Susquehanna lowered their target price on shares of RPC from $5.50 to $5.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Stifel Nicolaus lowered their price objective on shares of RPC from $6.00 to $5.00 and set a "hold" rating for the company in a research note on Wednesday, July 16th. Finally, Piper Sandler lowered their price objective on shares of RPC from $5.00 to $4.00 and set an "underweight" rating for the company in a research note on Thursday, August 14th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, RPC has an average rating of "Reduce" and a consensus target price of $4.69.

RPC Stock Down 2.0%

RES stock traded down $0.09 during trading on Friday, reaching $4.52. The stock had a trading volume of 3,271,088 shares, compared to its average volume of 1,245,148. The company has a market capitalization of $996.98 million, a P/E ratio of 17.39 and a beta of 0.89. The firm has a fifty day moving average price of $4.65 and a 200 day moving average price of $4.86. The company has a current ratio of 2.64, a quick ratio of 2.16 and a debt-to-equity ratio of 0.03. RPC, Inc. has a 1-year low of $4.10 and a 1-year high of $7.22.

RPC (NYSE:RES - Get Free Report) last issued its earnings results on Thursday, July 24th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The company had revenue of $420.81 million during the quarter, compared to analyst estimates of $421.08 million. RPC had a net margin of 3.77% and a return on equity of 5.65%. The business's revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.15 EPS. On average, equities analysts anticipate that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Monday, August 11th were paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, August 11th. RPC's dividend payout ratio is 61.54%.

RPC Company Profile

RPC, Inc, through its subsidiaries, engages provision of a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties. The company operates through Technical Services and Support Services segments. The Technical Services segment offers pressure pumping, fracturing, acidizing, cementing, downhole tools, coiled tubing, snubbing, nitrogen, well control, wireline, pump down, and fishing services that are used in the completion, production, and maintenance of oil and gas wells.