Nuveen LLC Acquires Shares of 417,922 RPC, Inc. $RES

Key Points

• Nuveen LLC has acquired a new stake in RPC, Inc., purchasing 417,922 shares valued at approximately $2.3 million, representing 0.19% of the company's total shares.
• Analysts have reduced their price targets for RPC, with the average price target now at $4.69, and three analysts rating it as "Hold" and one as "Sell."
• RPC recently declared a quarterly dividend of $0.04 per share, equating to an annual yield of 3.4%, with the ex-dividend date set for August 11th.

Nuveen LLC bought a new stake in RPC, Inc. (NYSE:RES - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 417,922 shares of the oil and gas company's stock, valued at approximately $2,299,000. Nuveen LLC owned about 0.19% of RPC at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of RPC by 10.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,865,119 shares of the oil and gas company's stock worth $10,258,000 after buying an additional 175,340 shares in the last quarter. Bridgeway Capital Management LLC grew its position in RPC by 2.8% during the 4th quarter. Bridgeway Capital Management LLC now owns 1,665,958 shares of the oil and gas company's stock worth $9,896,000 after acquiring an additional 45,468 shares during the last quarter. Northern Trust Corp raised its position in RPC by 15.0% in the fourth quarter. Northern Trust Corp now owns 1,168,054 shares of the oil and gas company's stock valued at $6,938,000 after purchasing an additional 152,714 shares during the last quarter. Royce & Associates LP grew its holdings in shares of RPC by 1.7% during the first quarter. Royce & Associates LP now owns 1,157,845 shares of the oil and gas company's stock worth $6,368,000 after purchasing an additional 19,033 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of RPC by 690.7% in the fourth quarter. First Trust Advisors LP now owns 657,981 shares of the oil and gas company's stock valued at $3,908,000 after buying an additional 574,765 shares during the period. 41.06% of the stock is owned by institutional investors and hedge funds.

RPC Trading Down 2.6%

NYSE RES traded down $0.13 on Wednesday, reaching $4.66. The stock had a trading volume of 489,286 shares, compared to its average volume of 1,659,049. The stock has a fifty day moving average price of $4.76 and a two-hundred day moving average price of $4.96. The company has a quick ratio of 2.16, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. RPC, Inc. has a 12-month low of $4.10 and a 12-month high of $7.22. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 17.90 and a beta of 0.89.

RPC (NYSE:RES - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The oil and gas company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). RPC had a return on equity of 5.65% and a net margin of 3.77%.The company had revenue of $420.81 million for the quarter, compared to analysts' expectations of $421.08 million. During the same period in the prior year, the company posted $0.15 EPS. The firm's revenue was up 15.5% compared to the same quarter last year. As a group, sell-side analysts forecast that RPC, Inc. will post 0.31 EPS for the current fiscal year.

RPC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 11th will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, August 11th. RPC's dividend payout ratio (DPR) is 61.54%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Stifel Nicolaus reduced their price objective on shares of RPC from $6.00 to $5.00 and set a "hold" rating for the company in a research report on Wednesday, July 16th. Piper Sandler reduced their target price 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. Finally, Susquehanna dropped their price target on RPC from $5.50 to $5.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, RPC presently has an average rating of "Reduce" and an average price target of $4.69.

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.