Goldman Sachs Group Inc. increased its stake in RPC, Inc. (NYSE:RES) by 142.4% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 465,621 shares of the oil and gas company’s stock after buying an additional 273,554 shares during the period. Goldman Sachs Group Inc. owned 0.21% of RPC worth $8,526,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Flinton Capital Management LLC boosted its stake in RPC by 86.9% in the first quarter. Flinton Capital Management LLC now owns 7,296 shares of the oil and gas company’s stock valued at $134,000 after buying an additional 3,392 shares in the last quarter. Meadow Creek Investment Management LLC boosted its stake in RPC by 86.9% in the first quarter. Meadow Creek Investment Management LLC now owns 10,032 shares of the oil and gas company’s stock valued at $184,000 after buying an additional 4,664 shares in the last quarter. Pacer Advisors Inc. boosted its stake in RPC by 22.0% in the first quarter. Pacer Advisors Inc. now owns 10,144 shares of the oil and gas company’s stock valued at $186,000 after buying an additional 1,830 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in RPC by 40.9% in the first quarter. BNP Paribas Arbitrage SA now owns 10,503 shares of the oil and gas company’s stock valued at $192,000 after buying an additional 3,048 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in RPC during the first quarter valued at approximately $206,000. Institutional investors and hedge funds own 40.24% of the company’s stock.
RPC, Inc. (NYSE:RES) opened at 20.50 on Tuesday. RPC, Inc. has a 52-week low of $14.18 and a 52-week high of $23.36. The company’s market cap is $4.46 billion. The stock has a 50 day moving average of $20.36 and a 200-day moving average of $19.67.
RPC (NYSE:RES) last announced its quarterly earnings data on Wednesday, July 26th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. RPC had a negative return on equity of 1.74% and a negative net margin of 1.15%. The company had revenue of $399 million for the quarter, compared to analysts’ expectations of $415.65 million. During the same quarter in the prior year, the business posted ($0.23) EPS. The business’s revenue was up 179.0% compared to the same quarter last year. On average, analysts forecast that RPC, Inc. will post $0.84 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, August 8th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.17%. This is a boost from RPC’s previous quarterly dividend of $0.05. RPC’s dividend payout ratio is currently -83.32%.
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Several research firms recently commented on RES. Jefferies Group LLC set a $26.00 price target on shares of RPC and gave the stock a “buy” rating in a report on Saturday, June 17th. Cowen and Company raised their price target on shares of RPC from $20.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, July 27th. Seaport Global Securities reaffirmed a “neutral” rating on shares of RPC in a research report on Wednesday, July 26th. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $20.50 price objective (up previously from $18.75) on shares of RPC in a research report on Wednesday, July 12th. Finally, Zacks Investment Research lowered shares of RPC from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $22.91.
RPC Company Profile
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
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