Renaissance Technologies LLC Cuts Stake in RPC, Inc. $RES

Renaissance Technologies LLC reduced its position in shares of RPC, Inc. (NYSE:RES) by 76.1% in the first quarter, Holdings Channel reports. The firm owned 250,300 shares of the oil and gas company’s stock after selling 796,119 shares during the quarter. Renaissance Technologies LLC’s holdings in RPC were worth $1,772,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in shares of RPC by 220.6% in the second quarter. EverSource Wealth Advisors LLC now owns 6,533 shares of the oil and gas company’s stock worth $31,000 after buying an additional 4,495 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of RPC by 243.4% during the second quarter. Tower Research Capital LLC TRC now owns 8,681 shares of the oil and gas company’s stock valued at $41,000 after acquiring an additional 6,153 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of RPC during the fourth quarter valued at approximately $48,000. CWM LLC raised its holdings in RPC by 88.2% in the 4th quarter. CWM LLC now owns 9,316 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 4,365 shares during the last quarter. Finally, IMC Chicago LLC purchased a new position in RPC in the 1st quarter worth approximately $80,000. 41.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RES has been the topic of several recent analyst reports. Susquehanna cut their target price on RPC from $7.50 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings restated a “hold (c)” rating on shares of RPC in a research note on Friday, July 10th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, RPC has an average rating of “Reduce” and a consensus target price of $5.33.

RPC Stock Performance

Shares of NYSE RES opened at $6.31 on Wednesday. The firm’s 50-day moving average price is $6.08 and its 200-day moving average price is $6.46. The company has a quick ratio of 2.76, a current ratio of 3.34 and a debt-to-equity ratio of 0.02. The company has a market cap of $1.40 billion, a PE ratio of 70.11 and a beta of 0.67. RPC, Inc. has a 52-week low of $4.18 and a 52-week high of $8.16.

RPC (NYSE:RES) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. RPC had a net margin of 1.28% and a return on equity of 4.82%. The firm had revenue of $460.87 million during the quarter, compared to analyst estimates of $463.48 million. During the same period in the previous year, the business posted $0.08 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, analysts anticipate that RPC, Inc. will post 0.26 EPS for the current year.

RPC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Monday, August 10th. RPC’s payout ratio is 177.78%.

RPC Company Profile

RPC, Inc (NYSE: RES) provides essential equipment and services to companies engaged in the exploration, production and maintenance of oil and natural gas wells. The firm operates as an equity interest holding company, partnering with a network of independent service businesses to deliver a comprehensive suite of offerings for well completion and production operations.

Through its affiliated service companies, RPC offers pressure pumping and fracturing services, coiled tubing and nitrogen pumping, downhole tools and telemetry solutions, well intervention and workover services, along with rental tools and supply-chain logistics.