Principal Financial Group Inc. Has $2.38 Million Stake in RPC, Inc. (NYSE:RES)

Principal Financial Group Inc. grew its position in RPC, Inc. (NYSE:RES) by 2.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 400,686 shares of the oil and gas company’s stock after purchasing an additional 11,087 shares during the quarter. Principal Financial Group Inc. owned about 0.19% of RPC worth $2,380,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RES. HighTower Advisors LLC boosted its stake in shares of RPC by 6.1% in the third quarter. HighTower Advisors LLC now owns 40,082 shares of the oil and gas company’s stock valued at $252,000 after buying an additional 2,288 shares during the period. Inspire Investing LLC boosted its stake in shares of RPC by 3.9% in the fourth quarter. Inspire Investing LLC now owns 66,994 shares of the oil and gas company’s stock valued at $398,000 after buying an additional 2,500 shares during the period. Franklin Resources Inc. boosted its stake in shares of RPC by 8.5% in the third quarter. Franklin Resources Inc. now owns 46,272 shares of the oil and gas company’s stock valued at $324,000 after buying an additional 3,633 shares during the period. HB Wealth Management LLC boosted its stake in shares of RPC by 12.9% in the fourth quarter. HB Wealth Management LLC now owns 32,280 shares of the oil and gas company’s stock valued at $192,000 after buying an additional 3,697 shares during the period. Finally, International Assets Investment Management LLC boosted its stake in shares of 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 buying an additional 3,848 shares during the period. Institutional investors and hedge funds own 41.06% of the company’s stock.

RPC Price Performance

NYSE RES opened at $5.18 on Thursday. The business has a fifty day moving average price of $6.16 and a two-hundred day moving average price of $6.20. RPC, Inc. has a fifty-two week low of $5.03 and a fifty-two week high of $8.19. The stock has a market capitalization of $1.12 billion, a PE ratio of 12.03 and a beta of 1.52.

RPC (NYSE:RES) last released its earnings results on Thursday, January 30th. The oil and gas company reported $0.06 earnings per share for the quarter, hitting the consensus estimate of $0.06. RPC had a return on equity of 8.62% and a net margin of 6.46%. As a group, sell-side analysts expect that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Monday, February 10th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend is Monday, February 10th. RPC’s payout ratio is presently 37.21%.

Analysts Set New Price Targets

Separately, Citigroup boosted their price target on RPC from $5.25 to $5.50 and gave the company a “sell” rating in a research note on Thursday, February 20th.

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.