RPC, Inc. (NYSE:RES) Shares Sold by Rhumbline Advisers

Rhumbline Advisers reduced its stake in RPC, Inc. (NYSE:RES) by 2.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 292,157 shares of the oil and gas company’s stock after selling 6,975 shares during the period. Rhumbline Advisers owned approximately 0.14% of RPC worth $1,826,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. nVerses Capital LLC raised its stake in shares of RPC by 352.9% in the second quarter. nVerses Capital LLC now owns 15,400 shares of the oil and gas company’s stock valued at $96,000 after acquiring an additional 12,000 shares in the last quarter. Innealta Capital LLC purchased a new position in RPC in the second quarter valued at $44,000. CWM LLC increased its holdings in RPC by 256.5% in the second quarter. CWM LLC now owns 5,112 shares of the oil and gas company’s stock valued at $32,000 after buying an additional 3,678 shares during the last quarter. Boston Partners purchased a new position in RPC in the first quarter valued at $848,000. Finally, Hancock Whitney Corp increased its holdings in RPC by 14.9% in the first quarter. Hancock Whitney Corp now owns 43,979 shares of the oil and gas company’s stock valued at $340,000 after buying an additional 5,699 shares during the last quarter. 41.06% of the stock is currently owned by institutional investors and hedge funds.

RPC Stock Performance

Shares of RES stock opened at $6.59 on Friday. The stock’s 50-day moving average is $6.33 and its two-hundred day moving average is $6.78. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 9.69 and a beta of 1.56. RPC, Inc. has a 1 year low of $5.66 and a 1 year high of $9.41.

RPC (NYSE:RES) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. The company had revenue of $364.20 million for the quarter, compared to analyst estimates of $381.18 million. RPC had a return on equity of 11.52% and a net margin of 8.08%. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.30 earnings per share. As a group, research analysts predict that RPC, Inc. will post 0.56 EPS for the current year.

RPC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Friday, August 9th. RPC’s payout ratio is 22.86%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RES. Citigroup dropped their target price on RPC from $6.75 to $5.25 and set a “sell” rating on the stock in a report on Wednesday, July 10th. Stifel Nicolaus dropped their target price on RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a report on Tuesday, July 16th. Finally, Susquehanna dropped their target price on RPC from $7.00 to $6.50 and set a “neutral” rating on the stock in a report on Thursday, July 11th.

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.