Principal Financial Group Inc. Decreases Position in RPC, Inc. (NYSE:RES)

Principal Financial Group Inc. reduced its stake in shares of RPC, Inc. (NYSE:RES) by 6.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 389,599 shares of the oil and gas company’s stock after selling 27,120 shares during the quarter. Principal Financial Group Inc. owned 0.18% of RPC worth $2,478,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC grew its position in RPC by 540.4% in the third quarter. International Assets Investment Management LLC now owns 4,560 shares of the oil and gas company’s stock valued at $29,000 after acquiring an additional 3,848 shares in the last quarter. CWM LLC grew its holdings in RPC by 256.5% during the 2nd quarter. CWM LLC now owns 5,112 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 3,678 shares in the last quarter. Innealta Capital LLC purchased a new stake in RPC during the 2nd quarter worth $44,000. Vanguard Personalized Indexing Management LLC lifted its holdings in RPC by 38.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,821 shares of the oil and gas company’s stock worth $93,000 after buying an additional 4,136 shares in the last quarter. Finally, nVerses Capital LLC lifted its holdings in RPC by 352.9% in the 2nd quarter. nVerses Capital LLC now owns 15,400 shares of the oil and gas company’s stock worth $96,000 after buying an additional 12,000 shares in the last quarter. 41.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RES shares. Stifel Nicolaus lowered their target price on RPC from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Friday, October 11th. Susquehanna lowered their price objective on RPC from $6.50 to $6.00 and set a “neutral” rating for the company in a research note on Friday, October 25th.

RPC Price Performance

NYSE RES opened at $6.43 on Friday. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of 11.48 and a beta of 1.58. RPC, Inc. has a 12 month low of $5.63 and a 12 month high of $8.19. The company’s fifty day moving average price is $6.32 and its two-hundred day moving average price is $6.37.

RPC (NYSE:RES) last issued its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.04). The company had revenue of $337.70 million for the quarter, compared to the consensus estimate of $365.33 million. RPC had a return on equity of 11.36% and a net margin of 8.07%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.08 EPS. As a group, analysts anticipate that RPC, Inc. will post 0.43 EPS for the current year.

RPC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th will be given a $0.04 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.16 annualized dividend and a dividend yield of 2.49%. RPC’s payout ratio is 28.57%.

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.