RPC, Inc. (NYSE:RES) Stake Increased by Victory Capital Management Inc.

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 stake in RPC, Inc. (NYSE:RES - Free Report) by 26.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 585,274 shares of the oil and gas company's stock after buying an additional 122,237 shares during the period. Victory Capital Management Inc. owned about 0.27% of RPC worth $3,219,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

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

RPC Stock Performance

Shares of RES opened at $4.80 on Monday. RPC, Inc. has a 1 year low of $4.10 and a 1 year high of $7.53. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 18.44 and a beta of 0.85. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.16 and a current ratio of 2.64. The firm has a fifty day moving average of $4.84 and a 200-day moving average of $5.29.

RPC (NYSE:RES - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $421.08 million. During the same period last year, the firm posted $0.15 EPS. The business's revenue was up 15.5% compared to the same quarter last year. As a group, equities analysts anticipate that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders 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 3.34%. The ex-dividend date is Monday, August 11th. 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.

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