JPMorgan Chase & Co. Purchases 71,064 Shares of RPC, Inc. (NYSE:RES)

JPMorgan Chase & Co. lifted its position in shares of RPC, Inc. (NYSE:RES) by 17.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 489,401 shares of the oil and gas company’s stock after purchasing an additional 71,064 shares during the period. JPMorgan Chase & Co. owned 0.23% of RPC worth $3,113,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC grew its holdings in RPC by 540.4% in the 3rd quarter. International Assets Investment Management LLC now owns 4,560 shares of the oil and gas company’s stock valued at $29,000 after buying an additional 3,848 shares in the last quarter. Paloma Partners Management Co bought a new stake in shares of RPC in the third quarter valued at about $69,000. Townsquare Capital LLC acquired a new position in shares of RPC in the third quarter valued at about $73,000. CWM LLC increased its position in RPC by 130.0% during the third quarter. CWM LLC now owns 11,758 shares of the oil and gas company’s stock worth $75,000 after acquiring an additional 6,646 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its stake in RPC by 38.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,821 shares of the oil and gas company’s stock worth $93,000 after purchasing an additional 4,136 shares in the last quarter. 41.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RES has been the topic of a number of analyst reports. Susquehanna decreased their target price on shares of RPC from $6.50 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Stifel Nicolaus reduced their price target on RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a research report on Friday, October 11th.

RPC Stock Up 0.8 %

RES opened at $7.02 on Monday. RPC, Inc. has a twelve month low of $5.54 and a twelve month high of $8.19. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 12.53 and a beta of 1.59. The company has a 50-day simple moving average of $6.13 and a 200 day simple moving average of $6.26.

RPC (NYSE:RES) last posted its quarterly earnings results on Thursday, October 24th. The oil and gas company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). RPC had a return on equity of 11.36% and a net margin of 8.07%. The firm had revenue of $337.70 million for the quarter, compared to analyst estimates of $365.33 million. During the same quarter in the prior year, the business posted $0.08 EPS. The business’s revenue was up 2.2% on a year-over-year basis. Sell-side analysts anticipate that RPC, Inc. will post 0.43 EPS for the current fiscal year.

RPC Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.28%. RPC’s dividend payout ratio (DPR) is currently 28.57%.

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.