Bank of America Corp DE Sells 294,958 Shares of RPC, Inc. $RES

Key Points

• Bank of America reduced its RPC stake by 16.5%, selling 294,958 shares and retaining 1.49 million shares valued at approximately $10.6 million. Institutional investors collectively own 41.06% of RPC.
• Analysts maintain a cautious outlook, with three Hold ratings and one Sell rating; RPC has an average rating of “Reduce” and a consensus price target of $6.00, below its reported $6.37 share price.
• RPC exceeded quarterly EPS expectations, reporting $0.08 versus the $0.04 consensus estimate, while revenue rose 9.5% year over year to $460.87 million. The company also declared a quarterly dividend of $0.04, equivalent to a 2.5% annual yield.

Bank of America Corp DE lessened its stake in RPC, Inc. (NYSE:RES - Free Report) by 16.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,493,283 shares of the oil and gas company's stock after selling 294,958 shares during the period. Bank of America Corp DE owned 0.67% of RPC worth $10,572,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. EverSource Wealth Advisors LLC grew its holdings in RPC by 220.6% in the second quarter. EverSource Wealth Advisors LLC now owns 6,533 shares of the oil and gas company's stock worth $31,000 after purchasing an additional 4,495 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in RPC by 243.4% in the second quarter. Tower Research Capital LLC TRC now owns 8,681 shares of the oil and gas company's stock worth $41,000 after acquiring an additional 6,153 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of RPC during the fourth quarter worth about $48,000. CWM LLC increased its holdings in shares of RPC by 88.2% during the fourth quarter. CWM LLC now owns 9,316 shares of the oil and gas company's stock valued at $51,000 after acquiring an additional 4,365 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new position in shares of RPC in the 4th quarter valued at approximately $67,000. Institutional investors own 41.06% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on RES shares. Susquehanna cut their price target on shares of RPC from $7.50 to $6.00 and set a "neutral" rating on the stock in a report on Wednesday, July 8th. Weiss Ratings cut shares of RPC from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, August 14th. Three 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, RPC currently has an average rating of "Reduce" and an average price target of $6.00.

RPC Price Performance

Shares of RES opened at $6.37 on Monday. RPC, Inc. has a 52-week low of $4.18 and a 52-week high of $8.16. The company has a market capitalization of $1.41 billion, a PE ratio of 70.78 and a beta of 0.67. The stock has a fifty day simple moving average of $5.96 and a two-hundred day simple moving average of $6.45. The company has a quick ratio of 2.76, a current ratio of 3.34 and a debt-to-equity ratio of 0.02.

RPC (NYSE:RES - Get Free Report) last released 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 business had revenue of $460.87 million during the quarter, compared to analysts' expectations of $463.48 million. RPC had a return on equity of 4.82% and a net margin of 1.28%.The company's revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.08 EPS. As a group, equities analysts forecast that RPC, Inc. will post 0.26 EPS for the current year.

RPC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be paid a $0.04 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.16 dividend on an annualized basis and a yield of 2.5%. RPC's dividend payout ratio (DPR) is currently 177.78%.

About RPC

RPC, Inc NYSE: RES provides essential equipment and services to companies engaged in the exploration, production and maintenance of oil and natural gas wells. The firm operates as an equity interest holding company, partnering with a network of independent service businesses to deliver a comprehensive suite of offerings for well completion and production operations.

Through its affiliated service companies, RPC offers pressure pumping and fracturing services, coiled tubing and nitrogen pumping, downhole tools and telemetry solutions, well intervention and workover services, along with rental tools and supply-chain logistics.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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