Gallacher Capital Management LLC Grows Holdings in RPC, Inc. (NYSE:RES)

Gallacher Capital Management LLC boosted its position in RPC, Inc. (NYSE:RES) by 444.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,546 shares of the oil and gas company’s stock after buying an additional 51,066 shares during the quarter. Gallacher Capital Management LLC’s holdings in RPC were worth $455,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its stake in shares of RPC by 274.1% in the fourth quarter. Pacer Advisors Inc. now owns 8,277,488 shares of the oil and gas company’s stock worth $60,260,000 after acquiring an additional 6,064,627 shares in the last quarter. Glenorchy Capital Ltd bought a new stake in RPC in the fourth quarter valued at about $925,000. Brandywine Global Investment Management LLC raised its position in shares of RPC by 7.2% during the 3rd quarter. Brandywine Global Investment Management LLC now owns 1,034,540 shares of the oil and gas company’s stock valued at $9,249,000 after acquiring an additional 69,737 shares in the last quarter. Alps Advisors Inc. grew its holdings in shares of RPC by 7.3% during the third quarter. Alps Advisors Inc. now owns 40,349 shares of the oil and gas company’s stock valued at $361,000 after purchasing an additional 2,759 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in RPC by 14.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,248,101 shares of the oil and gas company’s stock worth $11,158,000 after buying an additional 161,871 shares during the period. 41.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Susquehanna reduced their price target on RPC from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Friday, April 26th.

RPC Stock Up 2.3 %

Shares of NYSE:RES traded up $0.15 during trading on Friday, reaching $6.77. The stock had a trading volume of 2,201,415 shares, compared to its average volume of 1,667,137. RPC, Inc. has a 52 week low of $6.34 and a 52 week high of $9.41. The stock has a fifty day simple moving average of $7.58 and a two-hundred day simple moving average of $7.44. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 9.67 and a beta of 1.65.

RPC (NYSE:RES) last issued its quarterly earnings results on Thursday, April 25th. The oil and gas company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.06). The firm had revenue of $377.80 million for the quarter, compared to the consensus estimate of $393.33 million. RPC had a net margin of 9.95% and a return on equity of 15.02%. The company’s revenue was down 20.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 earnings per share. On average, analysts forecast that RPC, Inc. will post 0.71 EPS for the current year.

RPC Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a dividend yield of 55.54%. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost from RPC’s previous quarterly dividend of $0.04. RPC’s dividend payout ratio is presently 22.86%.

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.