PNC Financial Services Group Inc. Has $433,000 Stake in RPC, Inc. (RES)
PNC Financial Services Group Inc. lifted its stake in shares of RPC, Inc. (NYSE:RES) by 12.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,424 shares of the oil and gas company’s stock after acquiring an additional 2,372 shares during the period. PNC Financial Services Group Inc.’s holdings in RPC were worth $433,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of RES. Commerce Bank raised its holdings in RPC by 4.4% in the 2nd quarter. Commerce Bank now owns 659,446 shares of the oil and gas company’s stock valued at $13,328,000 after buying an additional 27,686 shares during the period. Goldman Sachs Group Inc. raised its holdings in RPC by 142.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 465,621 shares of the oil and gas company’s stock valued at $8,526,000 after buying an additional 273,554 shares during the period. Russell Investments Group Ltd. raised its holdings in RPC by 12.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 186,991 shares of the oil and gas company’s stock valued at $3,779,000 after buying an additional 20,832 shares during the period. Victory Capital Management Inc. raised its holdings in RPC by 16.5% in the 2nd quarter. Victory Capital Management Inc. now owns 599,280 shares of the oil and gas company’s stock valued at $12,111,000 after buying an additional 84,880 shares during the period. Finally, US Bancorp DE raised its holdings in RPC by 10.5% in the 2nd quarter. US Bancorp DE now owns 26,692 shares of the oil and gas company’s stock valued at $540,000 after buying an additional 2,533 shares during the period. Institutional investors and hedge funds own 38.21% of the company’s stock.
RPC, Inc. (NYSE:RES) opened at 22.73 on Wednesday. RPC, Inc. has a 52-week low of $16.48 and a 52-week high of $25.00. The firm’s market capitalization is $4.94 billion. The firm has a 50-day moving average price of $22.36 and a 200 day moving average price of $20.14.
RPC (NYSE:RES) last released its quarterly earnings data on Wednesday, July 26th. The oil and gas company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The company had revenue of $399.00 million for the quarter, compared to the consensus estimate of $415.65 million. RPC had a negative return on equity of 1.74% and a negative net margin of 1.15%. The company’s quarterly revenue was up 179.0% compared to the same quarter last year. During the same period last year, the business posted ($0.23) EPS. Analysts forecast that RPC, Inc. will post $0.82 EPS for the current year.
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RES has been the topic of several research analyst reports. Credit Suisse Group lowered shares of RPC from an “outperform” rating to a “neutral” rating in a report on Friday, October 13th. They noted that the move was a valuation call. Barclays PLC initiated coverage on shares of RPC in a report on Tuesday, September 5th. They issued an “equal weight” rating and a $19.00 price objective on the stock. Jefferies Group LLC set a $26.00 price objective on shares of RPC and gave the company a “buy” rating in a report on Monday, August 28th. Deutsche Bank AG initiated coverage on shares of RPC in a report on Tuesday, October 10th. They issued a “hold” rating and a $25.00 price objective on the stock. Finally, Morgan Stanley reduced their price objective on shares of RPC from $24.00 to $23.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 21st. Thirteen research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $23.50.
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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