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

Principal Financial Group Inc. trimmed its holdings in shares of RPC, Inc. (NYSE:RES) by 6.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in RES. Barclays PLC raised its stake in shares of RPC by 230.1% during the 3rd quarter. Barclays PLC now owns 182,943 shares of the oil and gas company’s stock valued at $1,163,000 after purchasing an additional 127,525 shares during the period. Texas Permanent School Fund Corp raised its position in RPC by 115.1% during the second quarter. Texas Permanent School Fund Corp now owns 160,197 shares of the oil and gas company’s stock valued at $1,001,000 after purchasing an additional 85,738 shares in the last quarter. Hotchkis & Wiley Capital Management LLC bought a new stake in RPC in the 3rd quarter worth approximately $5,917,000. International Assets Investment Management LLC raised its position in RPC by 540.4% in the 3rd quarter. International Assets Investment Management LLC now owns 4,560 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 3,848 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of RPC by 101.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 215,567 shares of the oil and gas company’s stock valued at $1,371,000 after acquiring an additional 108,737 shares during the last quarter. 41.06% of the stock is currently owned by institutional investors.

RPC Trading Up 0.7 %

Shares of RES opened at $6.17 on Friday. The business’s 50 day moving average is $6.01 and its 200 day moving average is $6.24. RPC, Inc. has a 12-month low of $5.54 and a 12-month high of $8.19. The company has a market capitalization of $1.33 billion, a PE ratio of 11.02 and a beta of 1.61.

RPC (NYSE:RES) last announced 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 during the quarter, compared to analysts’ expectations of $365.33 million. RPC had a return on equity of 11.36% and a net margin of 8.07%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.08 EPS. Equities research analysts predict that RPC, Inc. will post 0.43 earnings per share for the current year.

RPC Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend was Friday, November 8th. RPC’s dividend payout ratio (DPR) is 28.57%.

Analyst Ratings Changes

A number of brokerages recently issued reports on RES. Susquehanna reduced their price target on RPC from $6.50 to $6.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Stifel Nicolaus reduced their price target on RPC from $8.00 to $7.00 and set a “hold” rating for the company in a report on Friday, October 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.