BNP Paribas Financial Markets Purchases 108,737 Shares of RPC, Inc. (NYSE:RES)

BNP Paribas Financial Markets boosted its stake in shares of RPC, Inc. (NYSE:RES) by 101.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 215,567 shares of the oil and gas company’s stock after buying an additional 108,737 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.10% of RPC worth $1,371,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RES. Pacer Advisors Inc. lifted its holdings in RPC by 38.9% during the 3rd quarter. Pacer Advisors Inc. now owns 12,029,993 shares of the oil and gas company’s stock valued at $76,511,000 after buying an additional 3,371,490 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in RPC by 7.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,456,497 shares of the oil and gas company’s stock valued at $65,353,000 after buying an additional 769,578 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in RPC by 48.7% during the 2nd quarter. Victory Capital Management Inc. now owns 2,004,789 shares of the oil and gas company’s stock valued at $12,530,000 after buying an additional 656,446 shares in the last quarter. Edgestream Partners L.P. bought a new stake in RPC during the 2nd quarter valued at about $3,814,000. Finally, Marshall Wace LLP bought a new stake in RPC during the 2nd quarter valued at about $3,349,000. Institutional investors own 41.06% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Susquehanna cut their target price on shares of RPC from $6.50 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Stifel Nicolaus cut their target price on shares of RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a research report on Friday, October 11th.

RPC Stock Down 8.5 %

Shares of RPC stock opened at $5.84 on Monday. The firm’s 50 day moving average price is $6.31 and its 200-day moving average price is $6.33. RPC, Inc. has a 52-week low of $5.63 and a 52-week high of $8.19. The company has a market cap of $1.26 billion, a P/E ratio of 10.43 and a beta of 1.61.

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

RPC Dividend Announcement

The company also recently disclosed 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. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Friday, November 8th. RPC’s payout ratio is currently 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.