Deutsche Bank AG boosted its stake in RPC, Inc. (NYSE:RES) by 5.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,231,283 shares of the oil and gas company’s stock after purchasing an additional 67,295 shares during the period. Deutsche Bank AG owned about 0.57% of RPC worth $31,433,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company increased its holdings in RPC by 7.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock valued at $132,000 after purchasing an additional 459 shares during the last quarter. California Public Employees Retirement System increased its holdings in RPC by 1.1% in the 3rd quarter. California Public Employees Retirement System now owns 243,549 shares of the oil and gas company’s stock valued at $6,038,000 after purchasing an additional 2,549 shares during the last quarter. Eqis Capital Management Inc. increased its holdings in RPC by 13.1% in the 4th quarter. Eqis Capital Management Inc. now owns 22,171 shares of the oil and gas company’s stock valued at $566,000 after purchasing an additional 2,561 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in RPC by 52.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 8,105 shares of the oil and gas company’s stock valued at $201,000 after purchasing an additional 2,800 shares during the last quarter. Finally, Swiss National Bank increased its holdings in RPC by 3.4% in the 4th quarter. Swiss National Bank now owns 111,100 shares of the oil and gas company’s stock valued at $2,836,000 after purchasing an additional 3,700 shares during the last quarter. Hedge funds and other institutional investors own 35.46% of the company’s stock.
RPC stock opened at $20.25 on Monday. The company has a market cap of $4,390.97, a price-to-earnings ratio of 27.00, a P/E/G ratio of 0.68 and a beta of 0.73. RPC, Inc. has a 12 month low of $16.63 and a 12 month high of $27.07.
The company also recently announced a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Friday, February 9th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.98%. This is an increase from RPC’s previous quarterly dividend of $0.07. RPC’s payout ratio is presently 53.33%.
RPC declared that its Board of Directors has approved a share repurchase program on Monday, February 12th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the oil and gas company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Several analysts recently weighed in on RES shares. Credit Suisse Group dropped their target price on shares of RPC from $25.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, January 25th. B. Riley downgraded shares of RPC from a “buy” rating to a “neutral” rating and set a $27.00 price target for the company. in a research note on Friday, December 22nd. Wells Fargo dropped their price target on shares of RPC from $27.00 to $25.00 and set a “market perform” rating for the company in a research note on Thursday, January 25th. Stephens began coverage on shares of RPC in a research note on Tuesday, January 9th. They issued an “equal weight” rating and a $28.00 price target for the company. Finally, Zacks Investment Research upgraded shares of RPC from a “hold” rating to a “strong-buy” rating and set a $29.00 price target for the company in a research note on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. RPC currently has an average rating of “Hold” and an average price target of $24.85.
ILLEGAL ACTIVITY NOTICE: This piece was first posted by StockNewsTimes and is the property of of StockNewsTimes. If you are accessing this piece on another website, it was illegally stolen and republished in violation of international trademark & copyright laws. The legal version of this piece can be viewed at https://stocknewstimes.com/2018/03/19/deutsche-bank-ag-boosts-position-in-rpc-inc-res.html.
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.
Receive News & Ratings for RPC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RPC and related companies with MarketBeat.com's FREE daily email newsletter.