Bank of New York Mellon Corp Acquires 195,414 Shares of RPC, Inc. (NYSE:RES)

Bank of New York Mellon Corp lifted its stake in RPC, Inc. (NYSE:RES) by 12.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,761,776 shares of the oil and gas company’s stock after purchasing an additional 195,414 shares during the quarter. Bank of New York Mellon Corp owned about 0.82% of RPC worth $10,465,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the stock. Pacer Advisors Inc. grew its holdings in shares of RPC by 38.9% during the third 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 during the last quarter. State Street Corp grew its stake in shares of RPC by 6.2% during the 3rd quarter. State Street Corp now owns 4,202,844 shares of the oil and gas company’s stock valued at $26,730,000 after purchasing an additional 245,372 shares during the period. Van ECK Associates Corp increased its position in shares of RPC by 27.2% during the 4th quarter. Van ECK Associates Corp now owns 2,838,991 shares of the oil and gas company’s stock valued at $16,863,000 after purchasing an additional 607,255 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of RPC by 7.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,509,478 shares of the oil and gas company’s stock worth $9,600,000 after purchasing an additional 106,108 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC purchased a new position in shares of RPC in the third quarter worth approximately $5,917,000. 41.06% of the stock is owned by hedge funds and other institutional investors.

RPC Stock Down 1.8 %

NYSE RES opened at $5.21 on Friday. RPC, Inc. has a 52 week low of $5.04 and a 52 week high of $8.19. The company has a market capitalization of $1.12 billion, a P/E ratio of 12.10 and a beta of 1.52. The stock’s 50-day moving average price is $6.11 and its 200-day moving average price is $6.17.

RPC (NYSE:RES) last released its earnings results on Thursday, January 30th. The oil and gas company reported $0.06 EPS for the quarter, hitting analysts’ consensus estimates of $0.06. RPC had a net margin of 6.46% and a return on equity of 8.62%. Research analysts anticipate that RPC, Inc. will post 0.31 EPS for the current year.

RPC Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Monday, February 10th were given a $0.04 dividend. The ex-dividend date of this dividend was Monday, February 10th. This represents a $0.16 annualized dividend and a dividend yield of 3.07%. RPC’s payout ratio is 37.21%.

Wall Street Analysts Forecast Growth

Separately, Citigroup increased their price target on shares of RPC from $5.25 to $5.50 and gave the stock a “sell” rating in a research report on Thursday, February 20th.

About RPC

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.