RPC, Inc. $RES Shares Sold by Royce & Associates LP

Key Points

• Royce & Associates cut its stake in RPC by 56.1%, selling 528,551 shares and leaving 414,327 shares (about 0.19% ownership) worth roughly $1.97 million.
• RPC reported quarterly EPS of $0.04, missing estimates by $0.03 while revenue rose 26.9% year-over-year; the stock has a market cap of about $1.37 billion and a 52-week range of $4.10–$6.85.
• The company declared a quarterly dividend of $0.04 (2.6% yield) but with a high payout ratio (106.67%), and analysts hold a consensus "Reduce" rating with a $5.25 price target.

Royce & Associates LP cut its stake in shares of RPC, Inc. (NYSE:RES - Free Report) by 56.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 414,327 shares of the oil and gas company's stock after selling 528,551 shares during the quarter. Royce & Associates LP owned about 0.19% of RPC worth $1,972,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its holdings in RPC by 220.6% during the second quarter. EverSource Wealth Advisors LLC now owns 6,533 shares of the oil and gas company's stock worth $31,000 after buying an additional 4,495 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of RPC by 243.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,681 shares of the oil and gas company's stock valued at $41,000 after acquiring an additional 6,153 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of RPC by 940.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 9,113 shares of the oil and gas company's stock worth $43,000 after acquiring an additional 8,237 shares in the last quarter. Ethic Inc. purchased a new stake in shares of RPC during the 3rd quarter worth approximately $63,000. Finally, Inspire Advisors LLC acquired a new stake in shares of RPC in the 3rd quarter worth approximately $66,000. Hedge funds and other institutional investors own 41.06% of the company's stock.

RPC Stock Performance

NYSE RES opened at $6.16 on Friday. RPC, Inc. has a fifty-two week low of $4.10 and a fifty-two week high of $6.85. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 41.07 and a beta of 0.69. The business has a fifty day moving average of $5.94 and a 200-day moving average of $5.33. The company has a quick ratio of 2.70, a current ratio of 3.24 and a debt-to-equity ratio of 0.03.

RPC (NYSE:RES - Get Free Report) last posted its quarterly earnings data on Tuesday, February 3rd. The oil and gas company reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.03). The company had revenue of $425.78 million for the quarter, compared to analyst estimates of $423.30 million. RPC had a net margin of 1.97% and a return on equity of 5.24%. The firm's revenue was up 26.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.06 EPS. As a group, analysts predict that RPC, Inc. will post 0.31 earnings per share for the current fiscal year.

RPC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 10th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, February 10th. RPC's dividend payout ratio (DPR) is currently 106.67%.

Analysts Set New Price Targets

Several brokerages recently issued reports on RES. Piper Sandler reaffirmed an "underweight" rating on shares of RPC in a report on Thursday, December 18th. Wall Street Zen cut RPC from a "buy" rating to a "hold" rating in a research report on Saturday, February 7th. Susquehanna lifted their price target on RPC from $5.50 to $6.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 7th. Citigroup boosted their price objective on shares of RPC from $5.75 to $6.00 and gave the stock a "neutral" rating in a research report on Thursday, December 11th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of RPC in a research note on Monday, December 29th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of $5.25.

RPC Company Profile

RPC, Inc NYSE: RES provides essential equipment and services to companies engaged in the exploration, production and maintenance of oil and natural gas wells. The firm operates as an equity interest holding company, partnering with a network of independent service businesses to deliver a comprehensive suite of offerings for well completion and production operations.

Through its affiliated service companies, RPC offers pressure pumping and fracturing services, coiled tubing and nitrogen pumping, downhole tools and telemetry solutions, well intervention and workover services, along with rental tools and supply-chain logistics.

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