Bank of America Corp DE trimmed its position in shares of RPC, Inc. (NYSE:RES - Free Report) by 14.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 652,205 shares of the oil and gas company's stock after selling 109,329 shares during the period. Bank of America Corp DE owned about 0.30% of RPC worth $3,874,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Franklin Resources Inc. raised its holdings in shares of RPC by 3.8% during the fourth quarter. Franklin Resources Inc. now owns 48,030 shares of the oil and gas company's stock worth $285,000 after acquiring an additional 1,758 shares in the last quarter. Steward Partners Investment Advisory LLC raised its holdings in shares of RPC by 9.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 21,950 shares of the oil and gas company's stock worth $130,000 after acquiring an additional 1,850 shares in the last quarter. Comerica Bank raised its holdings in shares of RPC by 3.6% during the fourth quarter. Comerica Bank now owns 86,007 shares of the oil and gas company's stock worth $511,000 after acquiring an additional 2,979 shares in the last quarter. Aquatic Capital Management LLC raised its holdings in shares of RPC by 3.9% during the fourth quarter. Aquatic Capital Management LLC now owns 80,637 shares of the oil and gas company's stock worth $479,000 after acquiring an additional 3,037 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in shares of RPC by 8.6% during the fourth quarter. MetLife Investment Management LLC now owns 51,799 shares of the oil and gas company's stock worth $308,000 after acquiring an additional 4,122 shares in the last quarter. 41.06% of the stock is currently owned by hedge funds and other institutional investors.
RPC Trading Up 5.2%
RES traded up $0.24 on Tuesday, hitting $4.74. 1,062,527 shares of the stock traded hands, compared to its average volume of 1,680,960. RPC, Inc. has a 52 week low of $4.10 and a 52 week high of $7.54. The firm has a market capitalization of $1.04 billion, a PE ratio of 11.01 and a beta of 0.86. The business has a fifty day moving average price of $4.82 and a two-hundred day moving average price of $5.60.
RPC (NYSE:RES - Get Free Report) last issued its quarterly 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 firm had revenue of $332.88 million for the quarter, compared to the consensus estimate of $326.72 million. During the same quarter in the prior year, the firm earned $0.13 earnings per share. The company's revenue was down 11.9% on a year-over-year basis. On average, equities research analysts forecast that RPC, Inc. will post 0.31 EPS for the current fiscal year.
RPC Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Friday, May 9th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $0.16 annualized dividend and a yield of 3.38%. RPC's dividend payout ratio is 44.44%.
Analyst Ratings Changes
RES has been the topic of several recent research reports. Susquehanna cut their target price on RPC from $6.00 to $5.50 and set a "neutral" rating on the stock in a report on Monday, April 14th. Citigroup upgraded RPC from a "sell" rating to a "neutral" rating and cut their target price for the company from $5.50 to $4.75 in a report on Tuesday, April 8th.
Check Out Our Latest Report on RPC
RPC Company Profile
(
Free Report)
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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