RPC, Inc. (RES) Position Boosted by JPMorgan Chase & Co.
JPMorgan Chase & Co. lifted its holdings in RPC, Inc. (NYSE:RES) by 8.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 317,909 shares of the oil and gas company’s stock after purchasing an additional 25,976 shares during the period. JPMorgan Chase & Co. owned about 0.15% of RPC worth $6,424,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in the stock. 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 worth $13,328,000 after purchasing an additional 27,686 shares during the period. Goldman Sachs Group Inc. boosted its position in RPC by 142.4% during the first quarter. Goldman Sachs Group Inc. now owns 465,621 shares of the oil and gas company’s stock worth $8,526,000 after purchasing an additional 273,554 shares in the last quarter. Russell Investments Group Ltd. boosted its position in RPC by 12.5% during the second quarter. Russell Investments Group Ltd. now owns 186,991 shares of the oil and gas company’s stock worth $3,779,000 after purchasing an additional 20,832 shares in the last quarter. Mutual of America Capital Management LLC purchased a new position in RPC during the first quarter worth approximately $1,615,000. Finally, Victory Capital Management Inc. boosted its position in RPC by 16.5% during the second quarter. Victory Capital Management Inc. now owns 599,280 shares of the oil and gas company’s stock worth $12,111,000 after purchasing an additional 84,880 shares in the last quarter. Hedge funds and other institutional investors own 38.17% of the company’s stock.
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A number of research firms have recently commented on RES. Barclays PLC initiated coverage on RPC in a research report on Tuesday, September 5th. They issued an “equal weight” rating and a $19.00 price objective for the company. Jefferies Group LLC set a $26.00 target price on RPC and gave the company a “buy” rating in a research report on Monday, August 28th. Morgan Stanley decreased their target price on RPC from $24.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 21st. Cowen and Company reissued a “hold” rating and issued a $24.00 price target on shares of RPC in a research note on Friday, September 1st. Finally, Zacks Investment Research cut shares of RPC from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. Eleven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. RPC currently has an average rating of “Hold” and a consensus target price of $22.69.
RPC, Inc. (NYSE:RES) opened at 24.33 on Wednesday. The company’s 50-day moving average is $21.17 and its 200-day moving average is $19.81. The firm’s market capitalization is $5.29 billion. RPC, Inc. has a 52-week low of $16.48 and a 52-week high of $25.00.
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, topping analysts’ consensus estimates 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 business had revenue of $399.00 million for the quarter, compared to analysts’ expectations of $415.65 million. During the same quarter in the prior year, the firm posted ($0.23) EPS. The company’s revenue was up 179.0% compared to the same quarter last year. Equities analysts predict that RPC, Inc. will post $0.83 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Thursday, August 10th were issued a dividend of $0.06 per share. The ex-dividend date was Tuesday, August 8th. This is a boost from RPC’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 0.99%. RPC’s payout ratio is currently -183.30%.
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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