Victory Capital Management Inc. Reduces Stock Position in RPC, Inc. (NYSE:RES)

Victory Capital Management Inc. cut its stake in RPC, Inc. (NYSE:RES) by 75.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 463,037 shares of the oil and gas company’s stock after selling 1,458,175 shares during the period. Victory Capital Management Inc. owned approximately 0.22% of RPC worth $2,750,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its holdings in RPC by 11.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,689,779 shares of the oil and gas company’s stock valued at $10,037,000 after buying an additional 180,301 shares in the last quarter. Steward Partners Investment Advisory LLC increased its holdings in RPC by 9.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 21,950 shares of the oil and gas company’s stock valued at $130,000 after buying an additional 1,850 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of RPC by 12.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,761,776 shares of the oil and gas company’s stock worth $10,465,000 after purchasing an additional 195,414 shares in the last quarter. Ieq Capital LLC purchased a new position in shares of RPC during the 4th quarter worth approximately $65,000. Finally, Nicholas Hoffman & Company LLC. purchased a new position in shares of RPC during the 4th quarter worth approximately $59,000. 41.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

RPC Price Performance

Shares of RES opened at $5.34 on Monday. The firm has a 50 day simple moving average of $6.07 and a 200-day simple moving average of $6.15. RPC, Inc. has a 1-year low of $5.04 and a 1-year high of $8.19. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 12.41 and a beta of 1.52.

RPC (NYSE:RES) last issued its quarterly earnings data on Thursday, January 30th. The oil and gas company reported $0.06 earnings per share 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%. On average, equities analysts expect that RPC, Inc. will post 0.31 earnings per share for the current fiscal year.

RPC Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Monday, February 10th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Monday, February 10th. This represents a $0.16 dividend on an annualized basis and a yield of 3.00%. RPC’s dividend payout ratio (DPR) is currently 37.21%.

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.