Pioneer Investment Management Inc. Has $27.72 Million Stake in RPC, Inc. (NYSE:RES)
Pioneer Investment Management Inc. raised its stake in RPC, Inc. (NYSE:RES) by 5.4% during the second quarter, Holdings Channel reports. The institutional investor owned 1,371,401 shares of the oil and gas company’s stock after buying an additional 70,175 shares during the period. Pioneer Investment Management Inc.’s holdings in RPC were worth $27,716,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of RES. Alliancebernstein L.P. increased its stake in RPC by 21.6% in the first quarter. Alliancebernstein L.P. now owns 5,707,098 shares of the oil and gas company’s stock valued at $104,497,000 after buying an additional 1,012,027 shares in the last quarter. Vanguard Group Inc. increased its stake in RPC by 15.4% in the first quarter. Vanguard Group Inc. now owns 5,048,305 shares of the oil and gas company’s stock valued at $92,434,000 after buying an additional 672,810 shares in the last quarter. MARSHALL WACE ASIA Ltd acquired a new stake in RPC during the first quarter valued at about $28,788,000. Marshall Wace North America L.P. acquired a new stake in RPC during the first quarter valued at about $28,788,000. Finally, Dimensional Fund Advisors LP increased its stake in RPC by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,526,110 shares of the oil and gas company’s stock valued at $27,941,000 after buying an additional 8,416 shares in the last quarter. Institutional investors own 40.24% of the company’s stock.
Shares of RPC, Inc. (NYSE:RES) opened at 20.70 on Thursday. The company’s market capitalization is $4.50 billion. The stock has a 50 day moving average price of $20.39 and a 200-day moving average price of $19.66. RPC, Inc. has a one year low of $14.18 and a one year high of $23.36.
RPC (NYSE:RES) last released its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.06. RPC had a negative return on equity of 1.74% and a negative net margin of 1.15%. The firm had revenue of $399 million during the quarter, compared to analysts’ expectations of $415.65 million. During the same period last year, the firm posted ($0.23) EPS. The business’s revenue was up 179.0% on a year-over-year basis. Equities research analysts predict that RPC, Inc. will post $0.84 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Thursday, August 10th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.16%. This is a boost from RPC’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Tuesday, August 8th. RPC’s dividend payout ratio (DPR) is currently -183.30%.
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RES has been the topic of several analyst reports. Jefferies Group LLC restated a “buy” rating and set a $26.00 price objective on shares of RPC in a report on Friday, July 21st. Morgan Stanley dropped their price objective on RPC from $24.00 to $23.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 21st. Seaport Global Securities downgraded RPC from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $25.00 to $20.00 in a report on Wednesday, June 21st. Cowen and Company lifted their price objective on RPC from $20.00 to $24.00 and gave the stock a “market perform” rating in a report on Thursday, July 27th. Finally, Wolfe Research downgraded RPC from an “outperform” rating to a “market perform” rating and set a $20.00 price objective on the stock. in a report on Monday, April 17th. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. RPC has a consensus rating of “Hold” and an average target price of $22.91.
RPC Company Profile
RPC, Inc (RPC) is a holding company for several oilfield services companies. The Company provides a range of specialized oilfield services and equipment primarily to independent oil and gas companies engaged in the exploration, production and development of oil and gas properties throughout 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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