New York State Common Retirement Fund Has $939,000 Stock Position in RPC, Inc. (NYSE:RES)

Key Points

• The New York State Common Retirement Fund increased its stake in **RPC, Inc.** by **81.8%**, now owning approximately **170,701 shares** valued at **$939,000**.
• RPC reported **$420.81 million** in revenue for the quarter, a **15.5% year-over-year increase**, yet **missed** EPS estimates by **$0.01**.
• The company announced a **quarterly dividend** of **$0.04** per share, resulting in an annualized yield of **3.34%**, with a payout ratio of **61.54%**.

New York State Common Retirement Fund lifted its position in RPC, Inc. (NYSE:RES - Free Report) by 81.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 170,701 shares of the oil and gas company's stock after acquiring an additional 76,800 shares during the quarter. New York State Common Retirement Fund owned approximately 0.08% of RPC worth $939,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in shares of RPC by 4.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,620,598 shares of the oil and gas company's stock valued at $69,025,000 after acquiring an additional 459,700 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of RPC by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 10,880,406 shares of the oil and gas company's stock valued at $64,630,000 after acquiring an additional 99,370 shares in the last quarter. Gamco Investors INC. ET AL lifted its position in shares of RPC by 3.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 3,081,429 shares of the oil and gas company's stock valued at $18,304,000 after acquiring an additional 97,369 shares in the last quarter. American Century Companies Inc. lifted its position in shares of RPC by 11.2% in the 4th quarter. American Century Companies Inc. now owns 3,039,581 shares of the oil and gas company's stock valued at $18,055,000 after acquiring an additional 306,976 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its position in shares of RPC by 2.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 1,665,958 shares of the oil and gas company's stock valued at $9,896,000 after acquiring an additional 45,468 shares in the last quarter. Hedge funds and other institutional investors own 41.06% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Piper Sandler set a $5.00 price target on shares of RPC and gave the company an "underweight" rating in a research report on Monday, July 14th. Susquehanna reduced their price target on shares of RPC from $5.50 to $5.00 and set a "neutral" rating for the company in a research report on Friday. Stifel Nicolaus cut their target price on shares of RPC from $6.00 to $5.00 and set a "hold" rating for the company in a research report on Wednesday, July 16th. Finally, Citigroup upgraded shares of RPC from a "sell" rating to a "neutral" rating and cut their target price for the stock from $5.50 to $4.75 in a research report on Tuesday, April 8th.

RPC Stock Down 1.1%

RES stock traded down $0.06 during midday trading on Tuesday, reaching $4.90. The company had a trading volume of 197,815 shares, compared to its average volume of 1,652,870. RPC, Inc. has a 1 year low of $4.10 and a 1 year high of $7.53. 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 capitalization of $1.08 billion, a P/E ratio of 18.83 and a beta of 0.85. The company has a 50 day moving average of $4.84 and a two-hundred day moving average of $5.28.

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

RPC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 11th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $0.16 annualized dividend and a dividend yield of 3.27%. RPC's dividend payout ratio (DPR) is 61.54%.

RPC 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.