Bank of New York Mellon Corp Cuts Stake in RPC, Inc. (NYSE:RES)

Bank of New York Mellon Corp decreased its stake in RPC, Inc. (NYSE:RES - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,669,075 shares of the oil and gas company's stock after selling 92,701 shares during the period. Bank of New York Mellon Corp owned 0.76% of RPC worth $9,180,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. ExodusPoint Capital Management LP bought a new stake in shares of RPC in the fourth quarter valued at approximately $3,632,000. First Trust Advisors LP increased its holdings in RPC by 690.7% during the 4th quarter. First Trust Advisors LP now owns 657,981 shares of the oil and gas company's stock worth $3,908,000 after acquiring an additional 574,765 shares during the period. Dimensional Fund Advisors LP increased its holdings in RPC by 4.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,620,598 shares of the oil and gas company's stock worth $69,025,000 after acquiring an additional 459,700 shares during the period. American Century Companies Inc. increased its holdings in RPC by 11.2% during the 4th quarter. American Century Companies Inc. now owns 3,039,581 shares of the oil and gas company's stock worth $18,055,000 after acquiring an additional 306,976 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new stake in RPC during the 4th quarter worth approximately $1,596,000. Institutional investors own 41.06% of the company's stock.

RPC Trading Down 0.3%

Shares of RPC stock traded down $0.02 during trading on Friday, reaching $4.80. The company's stock had a trading volume of 1,721,587 shares, compared to its average volume of 1,967,943. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 18.44 and a beta of 0.85. The company has a quick ratio of 4.18, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. The firm's 50-day moving average is $4.84 and its two-hundred day moving average is $5.30. RPC, Inc. has a 52-week low of $4.10 and a 52-week high of $7.53.

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

RPC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 11th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Monday, August 11th. This represents a $0.16 annualized dividend and a yield of 3.34%. RPC's dividend payout ratio (DPR) is presently 61.54%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RES shares. Susquehanna cut their price target on shares of RPC from $5.50 to $5.00 and set a "neutral" rating for the company in a research note on Friday. Citigroup raised shares of RPC from a "sell" rating to a "neutral" rating and cut their price target for the stock from $5.50 to $4.75 in a research note on Tuesday, April 8th. Piper Sandler set a $5.00 price target on shares of RPC and gave the stock an "underweight" rating in a research note on Monday, July 14th. Finally, Stifel Nicolaus cut their price target on shares of RPC from $6.00 to $5.00 and set a "hold" rating for the company in a research note on Wednesday, July 16th.

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.