Denali Advisors LLC Invests $1.47 Million in RPC, Inc. $RES

Key Points

• Denali Advisors acquired 251,800 RPC shares worth approximately $1.47 million in the second quarter, while other institutions—including BlackRock—also opened positions. Institutional investors now own 41.06% of the company.
• RPC reported quarterly EPS of $0.08, beating the $0.04 consensus estimate, while revenue rose 9.5% year over year to $460.87 million, slightly below expectations.
• Analyst sentiment remains cautious: RPC has an average “Reduce” rating and a $6.00 consensus price target. The company announced a $0.04 quarterly dividend, representing a 2.5% annualized yield but a payout ratio of 177.78%.

Denali Advisors LLC bought a new stake in shares of RPC, Inc. (NYSE:RES - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 251,800 shares of the oil and gas company's stock, valued at approximately $1,468,000. Denali Advisors LLC owned 0.11% of RPC at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in RES. BlackRock Inc. purchased a new stake in RPC in the 2nd quarter valued at about $90,891,000. Deutsche Bank AG purchased a new stake in shares of RPC in the second quarter valued at approximately $582,000. Bank of New York Mellon Corp bought a new position in RPC in the second quarter worth approximately $9,614,000. State of Wyoming bought a new position in RPC in the second quarter worth approximately $54,000. Finally, GSA Capital Partners LLP purchased a new position in RPC during the 2nd quarter worth $188,000. 41.06% of the stock is currently owned by institutional investors.

RPC Stock Performance

Shares of RPC stock opened at $6.34 on Thursday. The company has a market capitalization of $1.41 billion, a PE ratio of 70.50 and a beta of 0.67. The company has a 50-day simple moving average of $5.99 and a two-hundred day simple moving average of $6.46. RPC, Inc. has a one year low of $4.18 and a one year high of $8.16. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.76 and a current ratio of 3.34.

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, beating 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 business had revenue of $460.87 million for the quarter, compared to analysts' expectations of $463.48 million. During the same period last year, the business earned $0.08 EPS. The company's revenue was up 9.5% compared to the same quarter last year. Research analysts expect that RPC, Inc. will post 0.26 EPS for the current fiscal year.

RPC Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Monday, August 10th will be given 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%.

Wall Street Analyst Weigh In

Several research firms have recently commented on RES. Susquehanna reduced their price target on shares of RPC from $7.50 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, July 8th. Weiss Ratings downgraded 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 given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $6.00.

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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