RPC, Inc. (NYSE:RES) Shares Bought by Voloridge Investment Management LLC
Voloridge Investment Management LLC raised its position in RPC, Inc. (NYSE:RES) by 1,321.1% during the third quarter, HoldingsChannel reports. The firm owned 253,000 shares of the oil and gas company’s stock after buying an additional 235,197 shares during the quarter. Voloridge Investment Management LLC’s holdings in RPC were worth $1,419,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Virginia Retirement Systems ET AL increased its holdings in RPC by 4.2% in the second quarter. Virginia Retirement Systems ET AL now owns 44,600 shares of the oil and gas company’s stock valued at $322,000 after buying an additional 1,800 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in RPC by 0.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 280,301 shares of the oil and gas company’s stock worth $2,019,000 after buying an additional 1,913 shares during the last quarter. Marshall Wace North America L.P. acquired a new position in shares of RPC during the 1st quarter worth about $25,000. Swiss National Bank boosted its position in shares of RPC by 2.0% during the 2nd quarter. Swiss National Bank now owns 119,900 shares of the oil and gas company’s stock worth $864,000 after acquiring an additional 2,400 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of RPC during the 2nd quarter worth about $28,000. Institutional investors and hedge funds own 37.22% of the company’s stock.
Several equities analysts have commented on the stock. Credit Suisse Group lowered shares of RPC from a “neutral” rating to an “underperform” rating in a research note on Tuesday. Wells Fargo & Co dropped their price target on RPC from $5.50 to $4.50 and set an “underperform” rating on the stock in a research note on Thursday, September 12th. TheStreet lowered RPC from a “c” rating to a “d” rating in a research report on Wednesday, October 23rd. ValuEngine raised RPC from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Barclays decreased their price objective on RPC from $5.50 to $5.00 and set an “underweight” rating for the company in a report on Monday, September 30th. Eight equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. RPC has a consensus rating of “Hold” and an average target price of $7.80.
RPC (NYSE:RES) last released its earnings results on Wednesday, October 23rd. The oil and gas company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.07). RPC had a negative net margin of 3.70% and a positive return on equity of 0.09%. The company had revenue of $293.20 million during the quarter, compared to analyst estimates of $336.48 million. During the same period in the previous year, the firm posted $0.23 EPS. The company’s revenue for the quarter was down 33.4% on a year-over-year basis. Analysts expect that RPC, Inc. will post -0.16 earnings per share for the current fiscal year.
RPC, Inc, through its subsidiaries, provides 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 offers pressure pumping, fracturing, acidizing, 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.
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