343,601 RPC, Inc. $RES Shares Bought by Congress Asset Management Co.

Key Points

• Congress Asset Management increased its RPC stake by 21.7%, buying 343,601 shares in the third quarter to own 1.92 million shares valued at approximately $10.84 million. Institutional investors collectively hold 41.06% of the company.
• RPC shares opened at $5.94, near the analysts’ consensus price target of $6.00. Analysts maintain a generally cautious outlook, with three Hold ratings and one Sell rating, producing an overall “Reduce” consensus.
• RPC exceeded quarterly earnings expectations with EPS of $0.08 versus the $0.04 consensus, while revenue rose 9.5% year over year to $460.87 million. The company also pays a quarterly dividend of $0.04 per share, although its annualized payout ratio is elevated at 177.78%.

Congress Asset Management Co. raised its position in shares of RPC, Inc. (NYSE:RES - Free Report) by 21.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,924,866 shares of the oil and gas company's stock after buying an additional 343,601 shares during the period. Congress Asset Management Co. owned about 0.87% of RPC worth $10,837,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new position in RPC during the 2nd quarter valued at $9,614,000. Legal & General Group Plc purchased a new stake in shares of RPC in the 2nd quarter worth about $1,240,000. Empowered Funds LLC purchased a new stake in shares of RPC in the 2nd quarter worth about $6,469,000. Bank of America Corp DE purchased a new stake in shares of RPC in the 2nd quarter worth about $4,847,000. Finally, Denali Advisors LLC bought a new stake in shares of RPC during the 2nd quarter valued at about $1,468,000. Institutional investors own 41.06% of the company's stock.

Wall Street Analysts Forecast Growth

RES has been the topic of several research reports. Weiss Ratings lowered RPC from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, September 16th. Susquehanna decreased their price objective on RPC from $7.50 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, July 8th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $6.00.

RPC Stock Down 1.7%

Shares of NYSE:RES opened at $5.94 on Thursday. The company has a current ratio of 3.34, a quick ratio of 2.76 and a debt-to-equity ratio of 0.02. The stock has a fifty day simple moving average of $6.12 and a two-hundred day simple moving average of $6.47. RPC, Inc. has a 12-month low of $4.18 and a 12-month high of $8.16. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 65.99 and a beta of 0.86.

RPC (NYSE:RES - Get Free Report) last released its earnings results on Thursday, July 30th. The oil and gas company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of $0.04 by $0.04. RPC had a return on equity of 4.82% and a net margin of 1.28%.The firm had revenue of $460.87 million for the quarter, compared to analysts' expectations of $463.48 million. During the same period in the prior year, the firm posted $0.08 earnings per share. The company's quarterly revenue was up 9.5% on a year-over-year basis. On average, research analysts anticipate that RPC, Inc. will post 0.26 earnings per share for the current fiscal year.

RPC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Monday, August 10th were paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Monday, August 10th. RPC's dividend payout ratio (DPR) is currently 177.78%.

RPC Company Profile

RPC, Inc NYSE: RES is an oilfield services company that provides specialized equipment, personnel and technical services to oil and natural gas exploration and production companies. Its operations support the drilling, completion, production and maintenance of onshore oil and gas wells.

The company's service offerings include pressure pumping, well testing, coiled tubing, snubbing, nitrogen services, wireline services, downhole tools and related well-control solutions. RPC also provides equipment and services used to improve well performance, manage pressure and assist with intervention work throughout the life of a well.

Founded in 1984 and headquartered in Atlanta, Georgia, RPC serves customers primarily in the United States, with operations and service capabilities that have also extended to selected international markets.

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