RPC, Inc. (NYSE:RES) Position Reduced by Bank of America Corp DE

Bank of America Corp DE reduced its holdings in RPC, Inc. (NYSE:RES - Free Report) by 14.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 652,205 shares of the oil and gas company's stock after selling 109,329 shares during the quarter. Bank of America Corp DE owned approximately 0.30% of RPC worth $3,874,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in shares of RPC by 4.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,620,598 shares of the oil and gas company's stock valued at $69,025,000 after purchasing an additional 459,700 shares in the last quarter. Vanguard Group Inc. lifted 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 valued at $64,630,000 after purchasing an additional 99,370 shares in the last quarter. Gamco Investors INC. ET AL lifted its stake in shares of RPC by 3.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 3,081,429 shares of the oil and gas company's stock valued at $18,304,000 after purchasing an additional 97,369 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of RPC by 11.2% in the 4th quarter. American Century Companies Inc. now owns 3,039,581 shares of the oil and gas company's stock valued at $18,055,000 after purchasing an additional 306,976 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of RPC by 27.2% in the 4th quarter. Van ECK Associates Corp now owns 2,838,991 shares of the oil and gas company's stock valued at $16,863,000 after purchasing an additional 607,255 shares in the last quarter. 41.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RES has been the subject of a number of recent research reports. Susquehanna lowered their target price on RPC from $6.00 to $5.50 and set a "neutral" rating for the company in a research note on Monday, April 14th. Citigroup upgraded RPC from a "sell" rating to a "neutral" rating and lowered their target price for the company from $5.50 to $4.75 in a research note on Tuesday, April 8th.

RPC Price Performance

NYSE:RES traded down $0.11 during midday trading on Friday, reaching $4.44. 1,171,444 shares of the company traded hands, compared to its average volume of 1,684,724. RPC, Inc. has a twelve month low of $4.10 and a twelve month high of $7.54. The firm has a market capitalization of $979.31 million, a price-to-earnings ratio of 10.33 and a beta of 0.86. The company has a fifty day moving average price of $4.86 and a 200 day moving average price of $5.62.

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

RPC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Friday, May 9th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend is Friday, May 9th. RPC's dividend payout ratio is currently 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.