Victory Capital Management Inc. Sells 83,577 Shares of RPC, Inc. (NYSE:RES)

Victory Capital Management Inc. trimmed its stake in RPC, Inc. (NYSE:RES) by 4.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,921,212 shares of the oil and gas company’s stock after selling 83,577 shares during the period. Victory Capital Management Inc. owned 0.89% of RPC worth $12,219,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RES. Dimensional Fund Advisors LP grew its stake in RPC by 7.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,456,497 shares of the oil and gas company’s stock worth $65,353,000 after buying an additional 769,578 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in RPC during the 2nd quarter valued at about $3,814,000. Marshall Wace LLP purchased a new stake in RPC during the 2nd quarter valued at about $3,349,000. American Century Companies Inc. grew its stake in RPC by 24.1% during the 2nd quarter. American Century Companies Inc. now owns 2,236,307 shares of the oil and gas company’s stock valued at $13,977,000 after purchasing an additional 434,849 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in RPC by 55.3% during the 2nd quarter. AQR Capital Management LLC now owns 692,169 shares of the oil and gas company’s stock valued at $4,326,000 after purchasing an additional 246,482 shares during the last quarter. 41.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on RES shares. Stifel Nicolaus dropped their price target on RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Friday, October 11th. Susquehanna dropped their price target on RPC from $6.50 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th.

RPC Stock Up 2.2 %

Shares of RES opened at $5.97 on Thursday. RPC, Inc. has a 52 week low of $5.63 and a 52 week high of $8.19. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 10.66 and a beta of 1.58. The stock’s 50-day moving average price is $6.30 and its 200-day moving average price is $6.38.

RPC (NYSE:RES) last issued its earnings results on Thursday, October 24th. The oil and gas company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). RPC had a return on equity of 11.36% and a net margin of 8.07%. The company had revenue of $337.70 million during the quarter, compared to analysts’ expectations of $365.33 million. During the same quarter in the previous year, the company earned $0.08 EPS. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities analysts anticipate that RPC, Inc. will post 0.43 EPS for the current fiscal year.

RPC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.68%. RPC’s payout ratio is 28.57%.

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.