RPC, Inc. (RES) Shares Bought by JPMorgan Chase & Co.
JPMorgan Chase & Co. boosted its stake in RPC, Inc. (NYSE:RES) by 11,287.2% during the third quarter, Holdings Channel reports. The firm owned 268,739 shares of the company’s stock after buying an additional 266,379 shares during the period. JPMorgan Chase & Co. owned approximately 0.13% of RPC worth $4,515,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of RPC by 1,802.2% in the second quarter. BlackRock Inc. now owns 129,618 shares of the company’s stock valued at $2,013,000 after buying an additional 122,804 shares in the last quarter. BlackRock Investment Management LLC increased its position in shares of RPC by 14.6% in the second quarter. BlackRock Investment Management LLC now owns 29,778 shares of the company’s stock valued at $462,000 after buying an additional 3,795 shares in the last quarter. BlackRock Advisors LLC increased its position in shares of RPC by 9.5% in the second quarter. BlackRock Advisors LLC now owns 31,733 shares of the company’s stock valued at $493,000 after buying an additional 2,766 shares in the last quarter. Virginia Retirement Systems ET AL bought a new position in shares of RPC during the second quarter valued at about $163,000. Finally, Vanguard Group Inc. increased its position in shares of RPC by 4.2% in the second quarter. Vanguard Group Inc. now owns 4,374,514 shares of the company’s stock valued at $67,936,000 after buying an additional 178,032 shares in the last quarter. 37.31% of the stock is currently owned by institutional investors and hedge funds.
Shares of RPC, Inc. (NYSE:RES) opened at 21.28 on Friday. RPC, Inc. has a 12 month low of $9.73 and a 12 month high of $22.28. The company’s 50-day moving average is $20.44 and its 200-day moving average is $17.17. The stock’s market capitalization is $4.63 billion.
RPC (NYSE:RES) last posted its quarterly earnings data on Wednesday, October 26th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.03. RPC had a negative net margin of 20.36% and a negative return on equity of 17.64%. The firm earned $175.90 million during the quarter, compared to analyst estimates of $157.53 million. During the same quarter last year, the business posted ($0.16) EPS. The company’s revenue was down 39.7% on a year-over-year basis. Equities research analysts expect that RPC, Inc. will post ($0.71) earnings per share for the current fiscal year.
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Several brokerages recently issued reports on RES. FBR & Co lifted their price objective on RPC from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, January 9th. Zacks Investment Research upgraded RPC from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a report on Thursday, January 5th. Stephens downgraded RPC from an “equal weight” rating to an “underweight” rating and set a $16.00 price target for the company. in a report on Wednesday, December 7th. They noted that the move was a valuation call. Guggenheim downgraded RPC from a “buy” rating to a “neutral” rating in a report on Tuesday, December 6th. Finally, Seaport Global Securities upgraded RPC from a “neutral” rating to a “buy” rating and boosted their price target for the company from $17.00 to $23.00 in a report on Thursday, December 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $18.15.
In related news, Director Gary W. Rollins sold 71,000 shares of the firm’s stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $21.14, for a total value of $1,500,940.00. Following the completion of the transaction, the director now owns 4,266,295 shares of the company’s stock, valued at approximately $90,189,476.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ben M. Palmer sold 14,521 shares of the firm’s stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $20.30, for a total transaction of $294,776.30. Following the completion of the transaction, the chief financial officer now directly owns 632,104 shares of the company’s stock, valued at approximately $12,831,711.20. The disclosure for this sale can be found here. 73.40% of the stock is currently owned by corporate insiders.
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment to oil and gas companies engaged in the exploration, production and development of oil and gas properties across the United States, including the southwest, mid-continent, Gulf of Mexico, Rocky Mountain and Appalachian regions, and in selected international markets.
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