RPC, Inc. $RES Shares Acquired by American Century Companies Inc.

Key Points

• American Century Companies Inc. raised its stake in RPC, Inc. by 11.5%, now owning 3,388,807 shares worth $18.6 million.
• RPC reported a quarterly earnings miss of $0.08 per share, which fell short of analyst expectations, while also achieving a 15.5% year-over-year revenue increase.
• The company has declared a quarterly dividend of $0.04 per share, with an upcoming ex-dividend date of August 11th and a yield of 3.4%.

American Century Companies Inc. lifted its stake in RPC, Inc. (NYSE:RES - Free Report) by 11.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,388,807 shares of the oil and gas company's stock after buying an additional 349,226 shares during the quarter. American Century Companies Inc. owned approximately 1.54% of RPC worth $18,638,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Kovitz Investment Group Partners LLC acquired a new position in RPC in the 1st quarter worth about $168,000. Public Sector Pension Investment Board raised its holdings in RPC by 26.6% in the 1st quarter. Public Sector Pension Investment Board now owns 261,971 shares of the oil and gas company's stock worth $1,441,000 after purchasing an additional 55,099 shares during the period. Nuveen LLC acquired a new position in RPC in the 1st quarter worth about $2,299,000. Aigen Investment Management LP raised its holdings in RPC by 18.1% in the 1st quarter. Aigen Investment Management LP now owns 44,296 shares of the oil and gas company's stock worth $244,000 after purchasing an additional 6,780 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in RPC by 10.4% in the 1st 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 purchasing an additional 175,340 shares during the period. Hedge funds and other institutional investors own 41.06% of the company's stock.

RPC Price Performance

Shares of NYSE:RES traded up $0.05 during midday trading on Friday, hitting $4.78. The company had a trading volume of 797,752 shares, compared to its average volume of 1,734,995. RPC, Inc. has a twelve month low of $4.10 and a twelve month high of $7.22. 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 stock has a market cap of $1.05 billion, a price-to-earnings ratio of 18.37 and a beta of 0.88. The business's 50-day simple moving average is $4.76 and its 200-day simple moving average is $4.98.

RPC (NYSE:RES - Get Free Report) last posted its quarterly 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 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%. RPC's revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.15 EPS. On average, research analysts predict that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 11th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Monday, August 11th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 3.4%. RPC's payout ratio is presently 61.54%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on RES shares. Piper Sandler reduced their price target on RPC from $5.00 to $4.00 and set an "underweight" rating for the company in a report on Thursday, August 14th. Susquehanna reduced their price target on RPC from $5.50 to $5.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Finally, Stifel Nicolaus reduced their target price on RPC from $6.00 to $5.00 and set a "hold" rating for the company in a report on Wednesday, July 16th. Three investment analysts have rated the stock with a Hold rating and one has assigned 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 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.