Nuveen LLC Purchases 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 purchased a new stake in RPC, Inc. (NYSE:RES - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 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.

Several other hedge funds also recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new stake in RPC during the fourth quarter valued at approximately $64,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of RPC during the 1st quarter worth $64,000. Vise Technologies Inc. acquired a new position in shares of RPC in the 4th quarter worth $66,000. Renaissance Technologies LLC acquired a new stake in shares of RPC during the fourth quarter worth $68,000. Finally, Teacher Retirement System of Texas purchased a new stake in shares of RPC during the first quarter valued at $69,000. Institutional investors and hedge funds own 41.06% of the company's stock.

RPC Stock Up 3.8%

RES traded up $0.18 during midday trading on Thursday, hitting $4.80. 1,202,156 shares of the company's stock traded hands, compared to its average volume of 1,409,374. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.64 and a quick ratio of 2.16. The company has a market cap of $1.06 billion, a PE ratio of 18.44 and a beta of 0.89. The stock's fifty day simple moving average is $4.76 and its 200-day simple moving average is $4.94. RPC, Inc. has a one year low of $4.10 and a one year high of $7.22.

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

RPC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 11th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $0.16 dividend on an annualized basis and a yield of 3.3%. RPC's payout ratio is currently 61.54%.

Analyst Upgrades and Downgrades

RES has been the topic of several recent analyst reports. Piper Sandler cut their price objective on RPC from $5.00 to $4.00 and set an "underweight" rating on the stock in a report on Thursday, August 14th. Stifel Nicolaus reduced their price target 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. Finally, Susquehanna lowered their price objective on shares of RPC from $5.50 to $5.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus 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.