Pacer Advisors Inc. Decreases Stake in RPC, Inc. (NYSE:RES)

Key Points

• Pacer Advisors Inc. significantly reduced its stake in RPC, Inc. by 86.1%, now holding approximately $5.77 million worth of shares after selling over 6 million during Q1.
• RPC reported a quarterly earnings miss with $0.08 EPS, below the estimated $0.09, despite a revenue increase of 15.5% year-over-year, totaling $420.81 million.
• The company announced a quarterly dividend of $0.04 per share, equating to a 3.34% yield and a payout ratio of 61.54%.

Pacer Advisors Inc. cut its holdings in RPC, Inc. (NYSE:RES - Free Report) by 86.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,049,370 shares of the oil and gas company's stock after selling 6,490,394 shares during the period. Pacer Advisors Inc. owned approximately 0.48% of RPC worth $5,772,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of RES. Raymond James Financial Inc. acquired a new position in shares of RPC during the fourth quarter valued at about $64,000. American Century Companies Inc. raised its stake in shares of RPC by 11.2% in the fourth quarter. American Century Companies Inc. now owns 3,039,581 shares of the oil and gas company's stock worth $18,055,000 after purchasing an additional 306,976 shares during the last quarter. Sei Investments Co. raised its position in RPC by 37.4% in the 4th quarter. Sei Investments Co. now owns 56,304 shares of the oil and gas company's stock valued at $334,000 after buying an additional 15,340 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in RPC during the 4th quarter worth $91,000. Finally, Vanguard Group Inc. grew its stake 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 worth $64,630,000 after acquiring an additional 99,370 shares in the last quarter. 41.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on RES shares. Citigroup raised shares of RPC from a "sell" rating to a "neutral" rating and reduced their target price for the company from $5.50 to $4.75 in a research report on Tuesday, April 8th. Susquehanna lowered their price target 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. Piper Sandler set a $5.00 target price on shares of RPC and gave the company an "underweight" rating in a report on Monday, July 14th. Finally, Stifel Nicolaus reduced their price target on RPC from $6.00 to $5.00 and set a "hold" rating for the company in a research report on Wednesday, July 16th.

RPC Stock Performance

RES traded down $0.13 during mid-day trading on Thursday, reaching $4.65. 666,506 shares of the company traded hands, compared to its average volume of 1,660,731. The company's fifty day moving average price is $4.85 and its 200-day moving average price is $5.27. The stock has a market capitalization of $1.02 billion, a P/E ratio of 17.87 and a beta of 0.85. RPC, Inc. has a 52-week low of $4.10 and a 52-week high of $7.53. The company has a quick ratio of 2.16, a current ratio of 2.64 and a debt-to-equity ratio of 0.03.

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 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 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 EPS. The firm's quarterly revenue was up 15.5% compared to the same quarter last year. On average, sell-side analysts expect that RPC, Inc. will post 0.31 EPS for the current year.

RPC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 11th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Monday, August 11th. RPC's dividend payout ratio (DPR) is currently 61.54%.

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.