RPC, Inc. (NYSE:RES) Shares Sold by Millennium Management LLC

Millennium Management LLC decreased its position in RPC, Inc. (NYSE:RES - Free Report) by 76.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 203,601 shares of the oil and gas company's stock after selling 674,813 shares during the period. Millennium Management LLC owned about 0.09% of RPC worth $1,209,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nicholas Hoffman & Company LLC. purchased a new position in RPC in the fourth quarter valued at $59,000. Raymond James Financial Inc. purchased a new position in RPC in the fourth quarter valued at $64,000. Ieq Capital LLC purchased a new position in RPC in the fourth quarter valued at $65,000. Renaissance Technologies LLC purchased a new position in RPC in the fourth quarter valued at $68,000. Finally, XTX Topco Ltd purchased a new position in RPC in the fourth quarter valued at $69,000. Hedge funds and other institutional investors own 41.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on RES shares. Susquehanna cut their price objective on shares of RPC from $6.00 to $5.50 and set a "neutral" rating for the company in a report on Monday, April 14th. Citigroup upgraded shares of RPC from a "sell" rating to a "neutral" rating and dropped their target price for the company from $5.50 to $4.75 in a research report on Tuesday, April 8th.

RPC Stock Up 1.9%

Shares of NYSE RES traded up $0.09 during trading on Friday, hitting $4.66. The company had a trading volume of 1,318,783 shares, compared to its average volume of 1,684,674. The stock has a fifty day simple moving average of $4.76 and a two-hundred day simple moving average of $5.57. RPC, Inc. has a fifty-two week low of $4.10 and a fifty-two week high of $7.54. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 10.83 and a beta of 0.85.

RPC (NYSE:RES - Get Free Report) last announced its earnings results on Thursday, April 24th. The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.01). RPC had a net margin of 6.46% and a return on equity of 8.62%. The company had revenue of $332.88 million during the quarter, compared to analyst estimates of $326.72 million. During the same quarter last year, the business earned $0.13 EPS. The firm's revenue for the quarter was down 11.9% compared to the same quarter last year. On average, analysts anticipate that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $0.16 dividend on an annualized basis and a yield of 3.44%. RPC's payout ratio is presently 44.44%.

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.