Goldman Sachs Group Inc. Reduces Stake in RPC, Inc. $RES

Key Points

• Goldman Sachs Group Inc. reduced its holdings in RPC, Inc. by 31.8%, selling 279,689 shares, and now owns a total of 601,203 shares worth approximately $3.3 million.
• Analysts have cut price targets for RPC, with Piper Sandler setting a new target of $4.00, indicating a consensus rating of "Reduce" for the stock.
• RPC recently declared a quarterly dividend of $0.04 per share, representing an annualized yield of 3.5% and a dividend payout ratio of 61.54%.

Goldman Sachs Group Inc. lowered its position in RPC, Inc. (NYSE:RES - Free Report) by 31.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 601,203 shares of the oil and gas company's stock after selling 279,689 shares during the period. Goldman Sachs Group Inc. owned approximately 0.27% of RPC worth $3,307,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Strs Ohio purchased a new stake in RPC in the first quarter valued at approximately $92,000. Empowered Funds LLC boosted its position in RPC by 2.0% in the first quarter. Empowered Funds LLC now owns 947,972 shares of the oil and gas company's stock valued at $5,214,000 after buying an additional 19,014 shares during the last quarter. Caxton Associates LLP purchased a new stake in RPC in the first quarter valued at approximately $344,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in RPC by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,558 shares of the oil and gas company's stock valued at $278,000 after acquiring an additional 2,190 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new position in RPC in the first quarter valued at approximately $1,432,000. Hedge funds and other institutional investors own 41.06% of the company's stock.

RPC Price Performance

RPC stock traded down $0.09 during trading on Friday, reaching $4.52. The company had a trading volume of 3,271,088 shares, compared to its average volume of 1,245,148. The firm's 50-day simple moving average is $4.65 and its 200 day simple moving average is $4.86. RPC, Inc. has a 1-year low of $4.10 and a 1-year high of $7.22. The firm has a market capitalization of $996.98 million, a PE ratio of 17.39 and a beta of 0.89. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.16 and a current ratio of 2.64.

RPC (NYSE:RES - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). RPC had a net margin of 3.77% and a return on equity of 5.65%. The company had revenue of $420.81 million during the quarter, compared to analyst estimates of $421.08 million. During the same period in the prior year, the business posted $0.15 EPS. RPC's revenue was up 15.5% compared to the same quarter last year. As a group, equities research analysts anticipate that RPC, Inc. will post 0.31 earnings per share for the current fiscal year.

RPC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Monday, August 11th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, August 11th. RPC's dividend payout ratio is currently 61.54%.

Analyst Ratings Changes

RES has been the subject of a number of analyst reports. Piper Sandler decreased their price target on RPC from $5.00 to $4.00 and set an "underweight" rating for the company in a report on Thursday, August 14th. Susquehanna decreased their price target on RPC from $5.50 to $5.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Finally, Stifel Nicolaus decreased their price target on RPC from $6.00 to $5.00 and set a "hold" rating for the company in a report on Wednesday, July 16th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, RPC currently has an average rating of "Reduce" and an average price target of $4.69.

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.