RPC, Inc. $RES Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in RPC, Inc. by 7.6%, now holding approximately 811,678 shares valued at $4.46 million after selling 66,551 shares in the 1st quarter.
• RPC's latest earnings report revealed an EPS of $0.08, falling short of analysts' expectations of $0.09, with revenue of $420.81 million, which was also slightly below estimates.
• The company announced a quarterly dividend of $0.04 per share, representing a 3.4% yield, with the dividend payable on September 10th to stockholders of record on August 11th.

Invesco Ltd. decreased its position in RPC, Inc. (NYSE:RES - Free Report) by 7.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 811,678 shares of the oil and gas company's stock after selling 66,551 shares during the period. Invesco Ltd. owned approximately 0.37% of RPC worth $4,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake in RPC by 10.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,865,119 shares of the oil and gas company's stock worth $10,258,000 after acquiring an additional 175,340 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in RPC in the 1st quarter worth $64,000. Atria Wealth Solutions Inc. purchased a new position in RPC in the 1st quarter worth $103,000. Jefferies Financial Group Inc. purchased a new position in RPC in the 1st quarter worth $180,000. Finally, Kapitalo Investimentos Ltda purchased a new position in RPC in the 1st quarter worth $258,000. Hedge funds and other institutional investors own 41.06% of the company's stock.

RPC Price Performance

NYSE:RES traded down $0.18 during trading hours on Wednesday, hitting $4.61. 1,076,626 shares of the stock were exchanged, compared to its average volume of 1,561,925. RPC, Inc. has a 52-week low of $4.10 and a 52-week high of $7.22. The firm's fifty day moving average price is $4.75 and its 200 day moving average price is $4.95. 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 company has a market cap of $1.02 billion, a P/E ratio of 17.71 and a beta of 0.89.

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

RPC Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Piper Sandler reduced their target price on RPC from $5.00 to $4.00 and set an "underweight" rating for the company in a research note on Thursday, August 14th. Susquehanna cut their price target on RPC from $5.50 to $5.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Finally, Stifel Nicolaus cut their price target on RPC from $6.00 to $5.00 and set a "hold" rating on the stock in a research report on Wednesday, July 16th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus 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.