Empowered Funds LLC Invests $6.47 Million in RPC, Inc. $RES

Key Points

• Empowered Funds LLC acquired 1.11 million RPC shares worth approximately $6.47 million, giving it a 0.50% stake. Institutional investors collectively own 41.06% of the company.
• Analysts maintain a cautious outlook, with RPC receiving a consensus “Reduce” rating and an average price target of $6.00 after Susquehanna lowered its target from $7.50.
• RPC reported quarterly earnings of $0.08 per share, beating estimates by $0.04, while revenue rose 9.5% year over year to $460.87 million. The company also declared a quarterly dividend of $0.04, representing a 2.5% annualized yield.

Empowered Funds LLC acquired a new stake in RPC, Inc. (NYSE:RES - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,109,612 shares of the oil and gas company's stock, valued at approximately $6,469,000. Empowered Funds LLC owned about 0.50% of RPC as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in RPC in the second quarter valued at $90,891,000. Dimensional Fund Advisors LP grew its holdings in shares of RPC by 7.6% during the 1st 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. State Street Corp increased its position in shares of RPC by 6.1% during the 4th quarter. State Street Corp now owns 4,049,407 shares of the oil and gas company's stock worth $22,029,000 after purchasing an additional 233,646 shares during the last quarter. IES Holdings Inc. acquired a new stake in shares of RPC during the 4th quarter worth about $14,144,000. Finally, Van ECK Associates Corp raised its holdings in RPC by 13.0% in the 4th quarter. Van ECK Associates Corp now owns 2,508,890 shares of the oil and gas company's stock valued at $13,648,000 after buying an additional 288,917 shares during the period. 41.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RES. Susquehanna decreased their target price on shares of RPC from $7.50 to $6.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 8th. Weiss Ratings cut shares of RPC from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, August 14th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, RPC presently has a consensus rating of "Reduce" and an average target price of $6.00.

RPC Stock Up 0.2%

Shares of RES opened at $6.41 on Monday. The stock has a market capitalization of $1.42 billion, a PE ratio of 71.22 and a beta of 0.67. 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 quick ratio of 2.76 and a current ratio of 3.34. The company's 50-day simple moving average is $5.92 and its 200-day simple moving average is $6.47.

RPC (NYSE:RES - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $460.87 million during the quarter, compared to analysts' expectations of $463.48 million. During the same quarter in the previous year, the business posted $0.08 earnings per share. The business's quarterly revenue was up 9.5% compared to the same quarter last year. Analysts forecast that RPC, Inc. will post 0.26 earnings per share for the current fiscal year.

RPC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be paid a $0.04 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.16 annualized dividend and a dividend yield of 2.5%. RPC's payout ratio is 177.78%.

RPC Company 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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