RPC, Inc. $RES Shares Sold by Vanguard Group Inc.

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. reduced its holdings in RPC, Inc. (NYSE:RES - Free Report) by 1.6% during the first quarter, according to its most recent 13F filing with the Securities & 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 4.85% of RPC worth $58,891,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in RPC by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,368 shares of the oil and gas company's stock worth $287,000 after purchasing an additional 1,697 shares during the last quarter. SummerHaven Investment Management LLC raised its holdings in RPC by 1.8% in the 1st quarter. SummerHaven Investment Management LLC now owns 134,642 shares of the oil and gas company's stock worth $741,000 after purchasing an additional 2,346 shares in the last quarter. Comerica Bank boosted its holdings in shares of RPC by 3.6% during the 4th quarter. Comerica Bank now owns 86,007 shares of the oil and gas company's stock valued at $511,000 after buying an additional 2,979 shares in the last quarter. Aquatic Capital Management LLC boosted its holdings in shares of RPC by 3.9% during the 4th quarter. Aquatic Capital Management LLC now owns 80,637 shares of the oil and gas company's stock valued at $479,000 after buying an additional 3,037 shares in the last quarter. Finally, Bridge City Capital LLC increased its holdings in shares of RPC by 1.3% during the first quarter. Bridge City Capital LLC now owns 281,538 shares of the oil and gas company's stock valued at $1,548,000 after acquiring an additional 3,593 shares in the last quarter. 41.06% of the stock is owned by institutional investors.

RPC Trading Up 1.0%

NYSE RES traded up $0.05 during trading hours on Friday, reaching $4.78. The company had a trading volume of 797,752 shares, compared to its average volume of 1,734,995. The stock has a market capitalization of $1.05 billion, a P/E ratio of 18.37 and a beta of 0.88. The company has a current ratio of 2.64, a quick ratio of 2.16 and a debt-to-equity ratio of 0.03. The stock has a 50-day moving average of $4.76 and a 200 day moving average of $4.98. RPC, Inc. has a 1-year low of $4.10 and a 1-year high of $7.22.

RPC (NYSE:RES - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The company had revenue of $420.81 million during the quarter, compared to analyst estimates of $421.08 million. RPC had a net margin of 3.77% and a return on equity of 5.65%. RPC's revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.15 EPS. As a group, research analysts anticipate 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 Wednesday, September 10th. Investors of record on Monday, August 11th will be given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 3.4%. The ex-dividend date is Monday, August 11th. RPC's payout ratio is 61.54%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Stifel Nicolaus lowered their price target on RPC from $6.00 to $5.00 and set a "hold" rating on the stock in a report on Wednesday, July 16th. Susquehanna cut their price objective on shares of RPC from $5.50 to $5.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Finally, Piper Sandler dropped their price target on RPC from $5.00 to $4.00 and set an "underweight" rating on the stock in a research report on Thursday, August 14th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $4.69.

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.