Bank of New York Mellon Corp Makes New $9.61 Million Investment in RPC, Inc. $RES

Key Points

• Bank of New York Mellon bought 1.65 million RPC shares worth approximately $9.61 million in the second quarter, representing about 0.74% of the company. Institutional investors collectively own 41.06% of RPC.
• RPC reported quarterly EPS of $0.08, beating analyst expectations of $0.04, while revenue rose 9.5% year over year to $460.87 million. Analysts expect full-year EPS of $0.26.
• RPC declared a quarterly dividend of $0.04, equivalent to an annualized yield of 2.4%, but analysts maintain a consensus “Reduce” rating with an average price target of $6.00, below the reported share price of $6.59.

Bank of New York Mellon Corp purchased a new position in shares of RPC, Inc. (NYSE:RES - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,649,096 shares of the oil and gas company's stock, valued at approximately $9,614,000. Bank of New York Mellon Corp owned approximately 0.74% of RPC as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of RPC by 7.6% during the first quarter. Dimensional Fund Advisors LP now owns 12,543,337 shares of the oil and gas company's stock valued at $88,809,000 after purchasing an additional 883,118 shares during the period. CIBC Asset Management Inc bought a new position in shares of RPC during the fourth quarter valued at about $67,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of RPC during the fourth quarter worth about $48,000. Tower Research Capital LLC TRC raised its position in RPC by 243.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,681 shares of the oil and gas company's stock valued at $41,000 after purchasing an additional 6,153 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in RPC by 220.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,533 shares of the oil and gas company's stock valued at $31,000 after purchasing an additional 4,495 shares during the last quarter. 41.06% of the stock is currently owned by institutional investors.

RPC Price Performance

Shares of NYSE:RES opened at $6.59 on Thursday. RPC, Inc. has a 1-year low of $4.18 and a 1-year high of $8.16. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.34 and a quick ratio of 2.76. The business has a fifty day moving average price of $5.94 and a 200-day moving average price of $6.49. The company has a market capitalization of $1.46 billion, a PE ratio of 73.28 and a beta of 0.70.

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

RPC Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 10th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, August 10th. RPC's payout ratio is presently 177.78%.

Wall Street Analyst Weigh In

Several analysts recently weighed in 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 upgraded shares of RPC from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $6.00.

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.

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