RPC, Inc. (NYSE:RES) Stake Decreased by Monarch Partners Asset Management LLC
Monarch Partners Asset Management LLC cut its stake in RPC, Inc. (NYSE:RES) by 34.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 274,450 shares of the oil and gas company’s stock after selling 141,080 shares during the period. Monarch Partners Asset Management LLC’s holdings in RPC were worth $5,547,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of RPC during the fourth quarter valued at $11,254,000. Alpha Windward LLC acquired a new stake in shares of RPC during the first quarter valued at $420,000. Glen Harbor Capital Management LLC increased its stake in shares of RPC by 86.9% in the first quarter. Glen Harbor Capital Management LLC now owns 12,768 shares of the oil and gas company’s stock valued at $234,000 after buying an additional 5,936 shares during the last quarter. First Mercantile Trust Co. increased its stake in shares of RPC by 17.9% in the first quarter. First Mercantile Trust Co. now owns 17,320 shares of the oil and gas company’s stock valued at $317,000 after buying an additional 2,630 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of RPC by 112.7% in the first quarter. Russell Investments Group Ltd. now owns 166,159 shares of the oil and gas company’s stock valued at $3,042,000 after buying an additional 88,037 shares during the last quarter. Hedge funds and other institutional investors own 40.24% of the company’s stock.
Shares of RPC, Inc. (RES) opened at 19.70 on Friday. The stock has a 50 day moving average price of $20.45 and a 200-day moving average price of $19.65. RPC, Inc. has a 52-week low of $14.18 and a 52-week high of $23.36. The firm’s market cap is $4.28 billion.
RPC (NYSE:RES) last issued its earnings results 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 firm had revenue of $399 million during the quarter, compared to the consensus estimate of $415.65 million. RPC had a negative net margin of 1.15% and a negative return on equity of 1.74%. The company’s revenue was up 179.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.23) earnings per share. On average, equities analysts anticipate that RPC, Inc. will post $0.84 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Thursday, August 10th will be paid a dividend of $0.06 per share. The ex-dividend date is Tuesday, August 8th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.22%. This is an increase from RPC’s previous quarterly dividend of $0.05. RPC’s payout ratio is presently -183.30%.
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Several equities research analysts have recently weighed in on RES shares. Wolfe Research downgraded RPC from an “outperform” rating to a “market perform” rating and set a $20.00 price target on the stock. in a report on Monday, April 17th. Jefferies Group LLC set a $26.00 price objective on RPC and gave the stock a “buy” rating in a research note on Wednesday, May 17th. Seaport Global Securities cut 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 research note on Wednesday, June 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 research note on Wednesday, June 21st. Finally, Piper Jaffray Companies reissued a “neutral” rating and issued a $20.50 price objective (up previously from $18.75) on shares of RPC in a research note on Wednesday, July 12th. Ten equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $22.91.
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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