Legal & General Group Plc Makes New $1.24 Million Investment in RPC, Inc. $RES

Key Points

• Legal & General Group Plc acquired 212,694 shares of RPC, Inc. in the second quarter, valued at approximately $1.24 million and representing about 0.10% of the company. Institutional investors collectively own 41.06% of RPC.
• RPC reported quarterly EPS of $0.08, beating analysts’ $0.04 estimate, while revenue reached $460.87 million, up 9.5% year over year but slightly below expectations.
• RPC declared a quarterly dividend of $0.04, equivalent to a 2.5% annualized yield. Analyst sentiment remains cautious, with an average “Reduce” rating and a consensus price target of $6.00.

Legal & General Group Plc acquired a new stake in RPC, Inc. (NYSE:RES - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 212,694 shares of the oil and gas company's stock, valued at approximately $1,240,000. Legal & General Group Plc owned about 0.10% of RPC as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in RES. BlackRock Inc. bought a new position in shares of RPC during the second quarter valued at about $90,891,000. IES Holdings Inc. bought a new stake in shares of RPC in the fourth quarter worth about $14,144,000. Bank of New York Mellon Corp purchased a new position in RPC during the 2nd quarter valued at about $9,614,000. Goldman Sachs Group Inc. raised its position in RPC by 103.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,882,657 shares of the oil and gas company's stock valued at $10,242,000 after purchasing an additional 956,370 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in 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 valued at $88,809,000 after purchasing an additional 883,118 shares during the last quarter. Institutional investors own 41.06% of the company's stock.

RPC Trading Up 0.2%

NYSE RES opened at $6.51 on Monday. The firm has a market capitalization of $1.44 billion, a PE ratio of 72.33 and a beta of 0.70. The stock's 50 day moving average is $5.96 and its 200 day moving average is $6.50. RPC, Inc. has a twelve month low of $4.18 and a twelve month high of $8.16. The company has a quick ratio of 2.76, a current ratio of 3.34 and a debt-to-equity ratio of 0.02.

RPC (NYSE:RES - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.04. The business had revenue of $460.87 million during the quarter, compared to the consensus estimate of $463.48 million. RPC had a return on equity of 4.82% and a net margin of 1.28%.The firm's quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.08 earnings per share. Research 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. Investors of record on Monday, August 10th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Monday, August 10th. RPC's dividend payout ratio (DPR) is presently 177.78%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on RES shares. Weiss Ratings upgraded RPC from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, August 31st. Susquehanna decreased their target price on RPC from $7.50 to $6.00 and set a "neutral" rating for the company in a report on Wednesday, July 8th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, RPC presently has an average rating of "Reduce" and a consensus target price of $6.00.

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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