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

Bank of New York Mellon Corp lowered its stake in shares of RPC, Inc. (NYSE:RES - Free Report) by 5.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Jane Street Group LLC increased its position in shares of RPC by 1,009.5% in the 4th quarter. Jane Street Group LLC now owns 82,124 shares of the oil and gas company's stock valued at $488,000 after acquiring an additional 74,722 shares during the period. GAMMA Investing LLC increased its position in shares of RPC by 265.4% in the 1st quarter. GAMMA Investing LLC now owns 36,856 shares of the oil and gas company's stock valued at $203,000 after acquiring an additional 26,769 shares during the period. XTX Topco Ltd acquired a new position in shares of RPC in the 4th quarter valued at $69,000. Ameriprise Financial Inc. increased its position in shares of RPC by 3.6% in the 4th quarter. Ameriprise Financial Inc. now owns 650,616 shares of the oil and gas company's stock valued at $3,865,000 after acquiring an additional 22,348 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in shares of RPC by 16.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,014 shares of the oil and gas company's stock valued at $191,000 after acquiring an additional 4,450 shares during the period. Hedge funds and other institutional investors own 41.06% of the company's stock.

RPC Trading Down 2.0%

Shares of RES stock opened at $4.68 on Tuesday. The company's fifty day simple moving average is $4.85 and its 200-day simple moving average is $5.34. RPC, Inc. has a 52 week low of $4.10 and a 52 week high of $7.54. The company has a market cap of $1.03 billion, a PE ratio of 12.99 and a beta of 0.85.

RPC (NYSE:RES - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.01). RPC had a return on equity of 7.08% and a net margin of 5.55%. The firm had revenue of $332.88 million for the quarter, compared to analysts' expectations of $326.72 million. During the same period last year, the firm earned $0.13 EPS. The business's quarterly revenue was down 11.9% on a year-over-year basis. Equities research analysts expect that RPC, Inc. will post 0.31 EPS for the current fiscal year.

RPC Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th were given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Friday, May 9th. RPC's payout ratio is currently 44.44%.

Analysts Set New Price Targets

RES has been the topic of several research analyst reports. Susquehanna lowered their price objective on RPC from $6.00 to $5.50 and set a "neutral" rating on the stock in a report on Monday, April 14th. Piper Sandler set a $5.00 price objective on RPC and gave the stock an "underweight" rating in a report on Monday, July 14th. Citigroup upgraded RPC from a "sell" rating to a "neutral" rating and lowered their price objective for the stock from $5.50 to $4.75 in a report on Tuesday, April 8th. Finally, Stifel Nicolaus lowered their price objective on RPC from $6.00 to $5.00 and set a "hold" rating on the stock in a report 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.

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