Jacobs Levy Equity Management Inc. Invests $1.43 Million in RPC, Inc. $RES

Key Points

• Jacobs Levy Equity Management Inc. has made a new investment in RPC, Inc., purchasing 260,273 shares valued at approximately $1.43 million, which represents 0.12% of the company's total shares.
• Multiple institutions have also invested in RPC, with significant positions taken by hedge funds such as State of Wyoming and Raymond James Financial Inc. in the first quarter.
• Despite a year-over-year revenue increase of 15.5%, RPC reported disappointing quarterly earnings, missing the consensus estimate by one cent per share.

Jacobs Levy Equity Management Inc. bought a new stake in RPC, Inc. (NYSE:RES - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 260,273 shares of the oil and gas company's stock, valued at approximately $1,432,000. Jacobs Levy Equity Management Inc. owned approximately 0.12% of RPC as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Bridgeway Capital Management LLC raised its holdings in RPC by 1.1% in the first quarter. Bridgeway Capital Management LLC now owns 1,684,972 shares of the oil and gas company's stock valued at $9,267,000 after acquiring an additional 19,014 shares in the last quarter. AQR Capital Management LLC raised its holdings in RPC by 1.1% in the first quarter. AQR Capital Management LLC now owns 544,365 shares of the oil and gas company's stock valued at $2,994,000 after acquiring an additional 5,914 shares in the last quarter. DRW Securities LLC acquired a new stake in RPC in the first quarter valued at approximately $70,000. Baird Financial Group Inc. increased its stake in RPC by 9.0% in the first quarter. Baird Financial Group Inc. now owns 392,851 shares of the oil and gas company's stock valued at $2,161,000 after purchasing an additional 32,384 shares during the last quarter. Finally, State of Wyoming purchased a new position in RPC in the first quarter valued at approximately $53,000. Institutional investors and hedge funds own 41.06% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on RES. Piper Sandler dropped their price target on shares of RPC from $5.00 to $4.00 and set an "underweight" rating on the stock in a research note on Thursday, August 14th. Susquehanna lowered their target price on shares of 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 lowered their target price on shares of RPC from $6.00 to $5.00 and set a "hold" rating on the stock in a research report on Wednesday, July 16th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, RPC has an average rating of "Reduce" and a consensus price target of $4.69.

RPC Price Performance

RPC stock traded up $0.01 during midday trading on Monday, reaching $4.48. The company's stock had a trading volume of 1,092,040 shares, compared to its average volume of 1,658,173. RPC, Inc. has a fifty-two week low of $4.10 and a fifty-two week high of $7.22. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.16 and a current ratio of 2.64. The stock's 50 day simple moving average is $4.71 and its 200 day simple moving average is $4.88. The firm has a market capitalization of $987.05 million, a PE ratio of 17.21 and a beta of 0.89.

RPC (NYSE:RES - Get Free Report) last released its 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). RPC had a net margin of 3.77% and a return on equity of 5.65%. The business had revenue of $420.81 million during the quarter, compared to analyst estimates of $421.08 million. During the same period last year, the business posted $0.15 EPS. RPC's revenue was up 15.5% compared to the same quarter last year. On average, equities research analysts forecast that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Monday, August 11th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, August 11th. RPC's payout ratio is 61.54%.

RPC Company Profile

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.