Vanguard Group Inc. Has $58.89 Million Stake in RPC, Inc. $RES

Key Points

• Vanguard Group Inc. has reduced its stake in RPC, Inc. by 1.6% in the first quarter, now holding approximately 4.85% of the company worth about $58.89 million.
• RPC reported earnings of $0.08 per share for the last quarter, which fell short of analysts' expectations of $0.09 per share but showed a year-over-year revenue increase of 15.5%.
• The company has announced a quarterly dividend of $0.04 per share, set to be paid on September 10th, with a current dividend yield of 3.4%.

Vanguard Group Inc. decreased its position in RPC, Inc. (NYSE:RES - Free Report) by 1.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,707,466 shares of the oil and gas company's stock after selling 172,940 shares during the quarter. Vanguard Group Inc. owned about 4.85% of RPC worth $58,891,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of RPC during the 1st quarter worth about $64,000. Atria Wealth Solutions Inc. purchased a new stake in RPC in the first quarter valued at approximately $103,000. Jefferies Financial Group Inc. acquired a new position in RPC during the first quarter worth approximately $180,000. Kapitalo Investimentos Ltda acquired a new position in shares of RPC in the 1st quarter valued at $258,000. Finally, Cetera Investment Advisers increased its holdings in shares of RPC by 9.0% during the 1st quarter. Cetera Investment Advisers now owns 92,321 shares of the oil and gas company's stock worth $508,000 after buying an additional 7,620 shares during the last quarter. Institutional investors and hedge funds own 41.06% of the company's stock.

RPC Price Performance

RES stock traded down $0.09 during trading hours on Tuesday, hitting $4.66. 1,754,242 shares of the stock traded hands, compared to its average volume of 1,836,499. The stock has a 50-day simple moving average of $4.78 and a 200 day simple moving average of $5.00. The company has a market cap of $1.03 billion, a P/E ratio of 17.90 and a beta of 0.88. RPC, Inc. has a one year low of $4.10 and a one year high of $7.22. The company has a current ratio of 2.64, a quick ratio of 2.16 and a debt-to-equity ratio of 0.03.

RPC (NYSE:RES - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The oil and gas company reported $0.08 earnings per share 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 business had revenue of $420.81 million for the quarter, compared to the consensus estimate of $421.08 million. During the same quarter last year, the business posted $0.15 EPS. The business's revenue for the quarter was up 15.5% on a year-over-year basis. Equities analysts forecast that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 11th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $0.16 annualized dividend and a dividend yield of 3.4%. RPC's dividend payout ratio (DPR) is currently 61.54%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RES shares. Piper Sandler reduced their target price on shares of RPC from $5.00 to $4.00 and set an "underweight" rating on the stock in a report on Thursday, August 14th. Susquehanna lowered their price objective on RPC from $5.50 to $5.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Finally, Stifel Nicolaus decreased their price target 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. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $4.69.

About RPC

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.