Millennium Management LLC Sells 674,813 Shares of RPC, Inc. (NYSE:RES)

Millennium Management LLC reduced its stake in RPC, Inc. (NYSE:RES - Free Report) by 76.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 203,601 shares of the oil and gas company's stock after selling 674,813 shares during the quarter. Millennium Management LLC owned about 0.09% of RPC worth $1,209,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Nicholas Hoffman & Company LLC. bought a new stake in RPC in the 4th quarter valued at $59,000. Raymond James Financial Inc. bought a new stake in shares of RPC in the fourth quarter valued at about $64,000. Ieq Capital LLC acquired a new position in shares of RPC in the fourth quarter valued at about $65,000. Renaissance Technologies LLC bought a new position in RPC during the fourth quarter worth about $68,000. Finally, XTX Topco Ltd acquired a new stake in RPC in the 4th quarter worth about $69,000. Institutional investors own 41.06% of the company's stock.

RPC Price Performance

RES stock traded up $0.09 during midday trading on Friday, reaching $4.66. The company had a trading volume of 1,318,783 shares, compared to its average volume of 1,679,115. RPC, Inc. has a 1-year low of $4.10 and a 1-year high of $7.54. The stock has a 50 day moving average price of $4.78 and a 200-day moving average price of $5.58. The company 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 released its earnings results on Thursday, April 24th. The oil and gas company reported $0.06 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 firm had revenue of $332.88 million during the quarter, compared to the consensus estimate of $326.72 million. During the same period in the prior year, the business earned $0.13 earnings per share. RPC's quarterly revenue was down 11.9% compared to the same quarter last year. As a group, research analysts anticipate that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be paid a $0.04 dividend. 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 dividend payout ratio (DPR) is 44.44%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RES shares. Susquehanna decreased their target price on shares of RPC from $6.00 to $5.50 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Citigroup raised RPC from a "sell" rating to a "neutral" rating and reduced their price target for the stock from $5.50 to $4.75 in a research report on Tuesday, April 8th.

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.