Amalgamated Bank Cuts Stock Holdings in RPC, Inc. (NYSE:RES)

Amalgamated Bank lowered its position in RPC, Inc. (NYSE:RES) by 8.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,956 shares of the oil and gas company’s stock after selling 2,284 shares during the period. Amalgamated Bank’s holdings in RPC were worth $156,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. CWM LLC boosted its position in RPC by 256.5% during the second quarter. CWM LLC now owns 5,112 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 3,678 shares during the period. Register Financial Advisors LLC bought a new position in RPC in the 1st quarter worth approximately $39,000. Innealta Capital LLC bought a new position in RPC in the 2nd quarter worth approximately $44,000. TFO Wealth Partners LLC grew its stake in RPC by 304,100.0% in the 4th quarter. TFO Wealth Partners LLC now owns 9,126 shares of the oil and gas company’s stock valued at $66,000 after buying an additional 9,123 shares in the last quarter. Finally, Syon Capital LLC purchased a new stake in shares of RPC during the fourth quarter worth $82,000. 41.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RES. Susquehanna decreased their price objective on RPC from $7.00 to $6.50 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Citigroup reduced their target price on RPC from $6.75 to $5.25 and set a “sell” rating for the company in a report on Wednesday, July 10th. Finally, Stifel Nicolaus cut their price target on shares of RPC from $8.00 to $7.00 and set a “hold” rating for the company in a report on Tuesday, July 16th.

RPC Stock Performance

Shares of NYSE:RES opened at $6.62 on Wednesday. RPC, Inc. has a 52-week low of $5.66 and a 52-week high of $9.26. The firm has a fifty day moving average of $6.39 and a 200 day moving average of $6.71. The firm has a market capitalization of $1.42 billion, a PE ratio of 9.45 and a beta of 1.56.

RPC (NYSE:RES) last announced its quarterly earnings data on Thursday, July 25th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $364.20 million during the quarter, compared to analysts’ expectations of $381.18 million. RPC had a net margin of 8.08% and a return on equity of 11.52%. The firm’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.30 EPS. On average, sell-side analysts forecast that RPC, Inc. will post 0.56 EPS for the current fiscal year.

RPC Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.16 annualized dividend and a dividend yield of 2.42%. RPC’s dividend payout ratio (DPR) is presently 22.86%.

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.