Victory Capital Management Inc. Purchases 122,237 Shares of RPC, Inc. (NYSE:RES)

Key Points

• Victory Capital Management Inc. increased its stake in RPC, Inc. by 26.4%, owning approximately 0.27% of the company after acquiring an additional 122,237 shares.
• RPC, Inc. reported a quarterly earnings miss, with an EPS of $0.08 against a consensus estimate of $0.09, despite a 15.5% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.04 per share, representing an annualized dividend yield of 3.34%, paid on September 10th.

Victory Capital Management Inc. increased its position in shares of RPC, Inc. (NYSE:RES - Free Report) by 26.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 585,274 shares of the oil and gas company's stock after acquiring an additional 122,237 shares during the quarter. Victory Capital Management Inc. owned 0.27% of RPC worth $3,219,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in RES. Raymond James Financial Inc. acquired a new stake in shares of RPC during the fourth quarter valued at approximately $64,000. Vise Technologies Inc. purchased a new position in RPC during the fourth quarter valued at approximately $66,000. Renaissance Technologies LLC purchased a new position in RPC during the fourth quarter valued at approximately $68,000. XTX Topco Ltd purchased a new position in RPC during the fourth quarter valued at approximately $69,000. Finally, Teacher Retirement System of Texas purchased a new position in RPC during the first quarter valued at approximately $69,000. Institutional investors and hedge funds own 41.06% of the company's stock.

RPC Stock Down 2.4%

RES stock traded down $0.12 during trading hours on Thursday, hitting $4.66. The company's stock had a trading volume of 427,053 shares, compared to its average volume of 1,658,919. The company has a quick ratio of 2.16, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $1.03 billion, a PE ratio of 17.98 and a beta of 0.85. RPC, Inc. has a 12 month low of $4.10 and a 12 month high of $7.53. The stock has a 50 day moving average price of $4.85 and a two-hundred day moving average price of $5.27.

RPC (NYSE:RES - Get Free Report) last posted its earnings results on Thursday, July 24th. The oil and gas company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $420.81 million during the quarter, compared to the consensus estimate of $421.08 million. RPC had a return on equity of 5.65% and a net margin of 3.77%. The business's revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 earnings per share. On average, equities research analysts expect that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Dividend Announcement

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 issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Monday, August 11th. RPC's dividend payout ratio is currently 61.54%.

Analyst Upgrades and Downgrades

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

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.