MQS Management LLC Takes $143,000 Position in RPC, Inc. (NYSE:RES)

MQS Management LLC acquired a new stake in shares of RPC, Inc. (NYSE:RES) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 22,863 shares of the oil and gas company’s stock, valued at approximately $143,000.

A number of other hedge funds have also recently bought and sold shares of RES. Dimensional Fund Advisors LP raised its holdings in RPC by 7.9% in 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 acquiring an additional 769,578 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of RPC by 48.7% in the second 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 purchasing an additional 656,446 shares during the period. Edgestream Partners L.P. acquired a new position in RPC in the second quarter valued at $3,814,000. American Century Companies Inc. boosted its stake in RPC by 24.1% in the 2nd quarter. American Century Companies Inc. now owns 2,236,307 shares of the oil and gas company’s stock worth $13,977,000 after buying an additional 434,849 shares during the last quarter. Finally, Empowered Funds LLC grew its holdings in RPC by 31.9% in the 1st quarter. Empowered Funds LLC now owns 777,986 shares of the oil and gas company’s stock valued at $6,022,000 after buying an additional 188,377 shares during the period. Institutional investors and hedge funds own 41.06% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Citigroup decreased their target price on shares of RPC from $6.75 to $5.25 and set a “sell” rating on the stock in a research report on Wednesday, July 10th. Susquehanna decreased their price target on shares of RPC from $7.00 to $6.50 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Finally, Stifel Nicolaus lowered their price objective on shares of RPC from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Tuesday, July 16th.

RPC Price Performance

NYSE RES opened at $6.57 on Friday. RPC, Inc. has a 1-year low of $5.66 and a 1-year high of $9.41. The firm has a market capitalization of $1.41 billion, a P/E ratio of 9.39 and a beta of 1.56. The business’s 50-day simple moving average is $6.35 and its 200-day simple moving average is $6.77.

RPC (NYSE:RES) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. RPC had a net margin of 8.08% and a return on equity of 11.52%. The firm had revenue of $364.20 million for the quarter, compared to analysts’ expectations of $381.18 million. During the same period in the previous year, the company posted $0.30 earnings per share. RPC’s revenue was down 12.4% compared to the same quarter last year. On average, equities research analysts expect that RPC, Inc. will post 0.56 EPS for the current fiscal year.

RPC Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.16 dividend on an annualized basis and a yield of 2.44%. RPC’s dividend payout ratio (DPR) is 22.86%.

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.