Bank of America Corp DE Makes New $4.85 Million Investment in RPC, Inc. $RES

Key Points

• Bank of America acquired 831,413 RPC shares in the second quarter, worth approximately $4.85 million and representing about 0.38% of the company. Institutional investors collectively own 41.06% of RPC.
• Analyst sentiment remains cautious: RPC has a consensus rating of “Reduce” and an average price target of $6.00, while the stock recently opened at $5.72.
• RPC exceeded quarterly earnings expectations with EPS of $0.08 versus the $0.04 consensus, although revenue of $460.87 million fell slightly short of estimates. The company also pays a quarterly dividend of $0.04 per share, for an annualized yield of about 2.8%.

Bank of America Corp DE 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 Securities and Exchange Commission. The institutional investor acquired 831,413 shares of the oil and gas company's stock, valued at approximately $4,847,000. Bank of America Corp DE owned about 0.38% of RPC as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of RPC during the second quarter worth $90,891,000. Dimensional Fund Advisors LP grew its position in RPC by 7.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,543,337 shares of the oil and gas company's stock worth $88,809,000 after acquiring an additional 883,118 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in RPC in the 2nd quarter worth about $9,614,000. Empowered Funds LLC increased its holdings in RPC by 6.4% in the 1st quarter. Empowered Funds LLC now owns 1,119,996 shares of the oil and gas company's stock worth $7,930,000 after purchasing an additional 66,972 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in RPC by 1.9% in the first quarter. Principal Financial Group Inc. now owns 432,086 shares of the oil and gas company's stock valued at $3,059,000 after purchasing an additional 8,229 shares during the last quarter. Institutional investors own 41.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Susquehanna cut their price target on RPC from $7.50 to $6.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings downgraded RPC from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, September 16th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $6.00.

RPC Price Performance

RES stock opened at $5.72 on Tuesday. The company has a quick ratio of 2.76, a current ratio of 3.34 and a debt-to-equity ratio of 0.02. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of 63.61 and a beta of 0.70. The company's fifty day simple moving average is $6.08 and its 200 day simple moving average is $6.51. RPC, Inc. has a 12-month low of $4.18 and a 12-month high of $8.16.

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

RPC Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Monday, August 10th were issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Monday, August 10th. RPC's dividend payout ratio is presently 177.78%.

About RPC

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

The company's services include pressure pumping, well control, coiled tubing, snubbing, nitrogen pumping, wireline operations, well testing, downhole tools and equipment rental. RPC also provides related services used in well intervention and completion activities, helping customers improve well performance and address challenging production conditions.

RPC traces its history to 1984 and operates primarily through a network of specialized service businesses.

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