Goldman Sachs Group Inc. Reduces Holdings 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% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 0.27% of RPC worth $3,307,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Strs Ohio bought a new position in RPC in the first quarter worth $92,000. Empowered Funds LLC increased its stake in shares of RPC by 2.0% in the 1st quarter. Empowered Funds LLC now owns 947,972 shares of the oil and gas company's stock worth $5,214,000 after acquiring an additional 19,014 shares in the last quarter. Caxton Associates LLP purchased a new position in RPC during the 1st quarter valued at about $344,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in RPC by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,558 shares of the oil and gas company's stock worth $278,000 after acquiring an additional 2,190 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in RPC in the first quarter worth about $1,432,000. 41.06% of the stock is currently owned by institutional investors.

RPC Stock Performance

NYSE:RES traded up $0.02 during mid-day trading on Monday, reaching $4.53. The company's stock had a trading volume of 1,477,390 shares, compared to its average volume of 1,330,539. The company has a current ratio of 2.64, a quick ratio of 2.16 and a debt-to-equity ratio of 0.03. The stock has a market cap of $999.18 million, a P/E ratio of 17.42 and a beta of 0.89. The firm's fifty day moving average price is $4.64 and its two-hundred day moving average price is $4.85. RPC, Inc. has a 12-month low of $4.10 and a 12-month high of $7.22.

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

RPC Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Piper Sandler dropped their price target on RPC from $5.00 to $4.00 and set an "underweight" rating on the stock in a research report on Thursday, August 14th. Stifel Nicolaus dropped their target price on RPC from $6.00 to $5.00 and set a "hold" rating on the stock in a report on Wednesday, July 16th. Finally, Susquehanna reduced 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. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, RPC has an average rating of "Reduce" and an average target price 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.