BlackRock Inc. Purchases Shares of 15,590,143 RPC, Inc. $RES

BlackRock Inc. purchased a new position in RPC, Inc. (NYSE:RES - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,590,143 shares of the oil and gas company's stock, valued at approximately $90,891,000. BlackRock Inc. owned approximately 7.03% of RPC as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. IES Holdings Inc. purchased a new stake in RPC in the 4th quarter worth approximately $14,144,000. Bank of New York Mellon Corp purchased a new position in RPC during the second quarter valued at approximately $9,614,000. Goldman Sachs Group Inc. boosted its position in shares of RPC by 103.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,882,657 shares of the oil and gas company's stock worth $10,242,000 after purchasing an additional 956,370 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of RPC by 7.6% in the first quarter. Dimensional Fund Advisors LP now owns 12,543,337 shares of the oil and gas company's stock worth $88,809,000 after purchasing an additional 883,118 shares during the period. Finally, UBS Group AG increased its stake in shares of RPC by 134.3% in the third quarter. UBS Group AG now owns 1,499,425 shares of the oil and gas company's stock worth $7,137,000 after purchasing an additional 859,406 shares in the last quarter. Institutional investors own 41.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on RES shares. Susquehanna lowered their target price on shares of 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 cut RPC from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, August 14th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $6.00.

RPC Trading Up 0.2%

RES stock opened at $6.41 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.34 and a quick ratio of 2.76. RPC, Inc. has a 1-year low of $4.18 and a 1-year high of $8.16. The business has a 50 day simple moving average of $5.92 and a two-hundred day simple moving average of $6.47. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 71.22 and a beta of 0.67.

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, beating analysts' consensus estimates of $0.04 by $0.04. The company had revenue of $460.87 million for the quarter, compared to the consensus estimate of $463.48 million. RPC had a net margin of 1.28% and a return on equity of 4.82%. RPC's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.08 EPS. Research analysts anticipate that RPC, Inc. will post 0.26 EPS for the current fiscal year.

RPC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 10th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend 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 is presently 177.78%.

RPC Profile

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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