Denali Advisors LLC Invests $1.39 Million in RPC, Inc. (NYSE:RES)

Denali Advisors LLC bought a new stake in RPC, Inc. (NYSE:RES - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 251,925 shares of the oil and gas company's stock, valued at approximately $1,386,000. Denali Advisors LLC owned about 0.11% of RPC at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of RPC by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,368 shares of the oil and gas company's stock valued at $287,000 after buying an additional 1,697 shares in the last quarter. Franklin Resources Inc. increased its position in shares of RPC by 3.8% during the fourth quarter. Franklin Resources Inc. now owns 48,030 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 1,758 shares in the last quarter. SummerHaven Investment Management LLC increased its position in shares of RPC by 1.8% during the first quarter. SummerHaven Investment Management LLC now owns 134,642 shares of the oil and gas company's stock worth $741,000 after purchasing an additional 2,346 shares in the last quarter. Comerica Bank increased its position in shares of RPC by 3.6% during the fourth quarter. Comerica Bank now owns 86,007 shares of the oil and gas company's stock worth $511,000 after purchasing an additional 2,979 shares in the last quarter. Finally, Aquatic Capital Management LLC increased its position in shares of RPC by 3.9% during the fourth quarter. Aquatic Capital Management LLC now owns 80,637 shares of the oil and gas company's stock worth $479,000 after purchasing an additional 3,037 shares in the last quarter. Hedge funds and other institutional investors own 41.06% of the company's stock.

RPC Stock Performance

RES stock traded up $0.27 during midday trading on Wednesday, hitting $5.04. 715,662 shares of the stock were exchanged, compared to its average volume of 1,693,377. RPC, Inc. has a fifty-two week low of $4.10 and a fifty-two week high of $7.54. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 14.01 and a beta of 0.85. The stock's 50-day moving average price is $4.85 and its 200-day moving average price is $5.34.

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 for the quarter, missing analysts' consensus estimates of $0.07 by ($0.01). The company had revenue of $332.88 million during the quarter, compared to analyst estimates of $326.72 million. RPC had a return on equity of 7.08% and a net margin of 5.55%. The business's revenue was down 11.9% compared to the same quarter last year. During the same period last year, the firm earned $0.13 earnings per share. Research analysts anticipate that RPC, Inc. will post 0.31 EPS for the current 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 3.17%. The ex-dividend date of this dividend was Friday, May 9th. RPC's payout ratio is 44.44%.

Analyst Ratings Changes

Several brokerages have issued reports on RES. Piper Sandler set a $5.00 target price on RPC and gave the company an "underweight" rating in a report on Monday, July 14th. Stifel Nicolaus decreased their price objective on RPC from $6.00 to $5.00 and set a "hold" rating for the company in a research note on Wednesday, July 16th. Citigroup upgraded RPC from a "sell" rating to a "neutral" rating and decreased their price objective for the company from $5.50 to $4.75 in a research note on Tuesday, April 8th. Finally, Susquehanna cut their target price on RPC from $6.00 to $5.50 and set a "neutral" rating on the stock in a research report on Monday, April 14th.

About RPC

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.