Royce & Associates LP Lowers Stock Holdings in RPC, Inc. $RES

Royce & Associates LP lessened its holdings in shares of RPC, Inc. (NYSE:RES) by 56.1% during the third quarter, HoldingsChannel reports. The firm owned 414,327 shares of the oil and gas company’s stock after selling 528,551 shares during the quarter. Royce & Associates LP’s holdings in RPC were worth $1,972,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. EverSource Wealth Advisors LLC grew its position 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 valued at $31,000 after purchasing an additional 4,495 shares during the period. Tower Research Capital LLC TRC lifted its position in 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 worth $41,000 after buying an additional 6,153 shares during the period. Hantz Financial Services Inc. increased its stake in shares of RPC by 940.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 9,113 shares of the oil and gas company’s stock valued at $43,000 after acquiring an additional 8,237 shares during the last quarter. Ethic Inc. acquired a new position in shares of RPC during the 3rd quarter valued at about $63,000. Finally, Inspire Advisors LLC purchased a new position in shares of RPC during the 3rd quarter worth about $66,000. Institutional investors and hedge funds own 41.06% of the company’s stock.

RPC Price Performance

RES opened at $6.16 on Friday. RPC, Inc. has a 52-week low of $4.10 and a 52-week high of $6.85. The company has a 50 day moving average of $5.94 and a two-hundred day moving average of $5.33. The company has a market cap of $1.37 billion, a P/E ratio of 41.07 and a beta of 0.69. The company has a quick ratio of 2.70, a current ratio of 3.24 and a debt-to-equity ratio of 0.03.

RPC (NYSE:RES) last issued its earnings results on Tuesday, February 3rd. The oil and gas company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.03). The business had revenue of $425.78 million during the quarter, compared to analysts’ expectations of $423.30 million. RPC had a net margin of 1.97% and a return on equity of 5.24%. The business’s revenue was up 26.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.06 EPS. On average, analysts expect that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 10th will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, February 10th. RPC’s payout ratio is currently 106.67%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Wall Street Zen downgraded shares of RPC from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Weiss Ratings reiterated a “hold (c-)” rating on shares of RPC in a report on Monday, December 29th. Piper Sandler reissued an “underweight” rating on shares of RPC in a research note on Thursday, December 18th. Citigroup upped their price objective on RPC from $5.75 to $6.00 and gave the stock a “neutral” rating in a report on Thursday, December 11th. Finally, Susquehanna lifted their target price on RPC from $5.50 to $6.00 and gave the company a “neutral” rating in a report on Wednesday, January 7th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $5.25.

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.