AQR Capital Management LLC Boosts Stake in RPC, Inc. (NYSE:RES)

AQR Capital Management LLC grew its stake in shares of RPC, Inc. (NYSE:RES) by 55.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 692,169 shares of the oil and gas company’s stock after buying an additional 246,482 shares during the period. AQR Capital Management LLC owned 0.32% of RPC worth $4,326,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC increased its position in RPC by 31.9% during the 1st quarter. Empowered Funds LLC now owns 777,986 shares of the oil and gas company’s stock worth $6,022,000 after purchasing an additional 188,377 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in shares of 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 worth $1,001,000 after buying an additional 85,738 shares in the last quarter. Wasatch Advisors LP acquired a new position in shares of RPC in the first quarter valued at approximately $1,239,000. Price T Rowe Associates Inc. MD lifted its stake in shares of RPC by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 24,393 shares of the oil and gas company’s stock valued at $189,000 after buying an additional 3,650 shares during the period. Finally, BOKF NA lifted its stake in shares of RPC by 115.1% during the first quarter. BOKF NA now owns 31,789 shares of the oil and gas company’s stock valued at $248,000 after buying an additional 17,013 shares during the period. 41.06% of the stock is owned by institutional investors and hedge funds.

RPC Stock Up 2.2 %

Shares of RES opened at $7.00 on Friday. RPC, Inc. has a fifty-two week low of $5.66 and a fifty-two week high of $9.26. The company’s fifty day moving average is $6.41 and its two-hundred day moving average is $6.71. The firm has a market cap of $1.50 billion, a PE ratio of 10.00 and a beta of 1.55.

RPC (NYSE:RES) last issued its 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. The firm had revenue of $364.20 million for the quarter, compared to analysts’ expectations of $381.18 million. RPC had a return on equity of 11.52% and a net margin of 8.08%. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.30 earnings per share. As a group, equities research analysts anticipate that RPC, Inc. will post 0.56 earnings per share for the current year.

RPC Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th were issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend was Friday, August 9th. RPC’s payout ratio is currently 22.86%.

Analysts Set New Price Targets

RES has been the subject of several analyst reports. Citigroup cut their price target on RPC from $6.75 to $5.25 and set a “sell” rating for the company in a report on Wednesday, July 10th. Susquehanna reduced their target price on RPC from $7.00 to $6.50 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Finally, Stifel Nicolaus lowered their price target on RPC from $8.00 to $7.00 and set a “hold” rating for the company in a report on Tuesday, July 16th.

RPC Company 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.