State Board of Administration of Florida Retirement System Has $1.46 Million Position in RPC, Inc. $RES

State Board of Administration of Florida Retirement System boosted its position in RPC, Inc. (NYSE:RES) by 691.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 308,703 shares of the oil and gas company’s stock after purchasing an additional 269,704 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.14% of RPC worth $1,460,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in RES. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of RPC by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,558 shares of the oil and gas company’s stock valued at $278,000 after acquiring an additional 2,190 shares during the period. SummerHaven Investment Management LLC raised its stake in RPC by 2.1% in the 2nd quarter. SummerHaven Investment Management LLC now owns 137,442 shares of the oil and gas company’s stock worth $650,000 after purchasing an additional 2,800 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in RPC by 9.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 50,284 shares of the oil and gas company’s stock valued at $236,000 after purchasing an additional 4,515 shares during the period. AQR Capital Management LLC boosted its holdings in RPC by 1.1% in the 1st quarter. AQR Capital Management LLC now owns 544,365 shares of the oil and gas company’s stock valued at $2,994,000 after purchasing an additional 5,914 shares during the period. Finally, Aigen Investment Management LP grew its position in shares of RPC by 18.1% during the 1st quarter. Aigen Investment Management LP now owns 44,296 shares of the oil and gas company’s stock worth $244,000 after purchasing an additional 6,780 shares in the last quarter. Institutional investors own 41.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RES shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of RPC in a research note on Monday, December 1st. Piper Sandler dropped their price objective on RPC from $5.00 to $4.00 and set an “underweight” rating for the company in a report on Thursday, August 14th. Finally, Wall Street Zen raised RPC from a “hold” rating to a “buy” rating in a report on Saturday, November 29th. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price of $4.69.

RPC Trading Up 0.8%

Shares of RES stock opened at $5.84 on Friday. RPC, Inc. has a fifty-two week low of $4.10 and a fifty-two week high of $7.17. The stock’s fifty day moving average price is $5.05 and its two-hundred day moving average price is $4.84. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.31 and a current ratio of 2.78. The company has a market cap of $1.29 billion, a PE ratio of 25.37 and a beta of 0.63.

RPC (NYSE:RES) last posted its quarterly earnings results on Wednesday, November 16th. The oil and gas company reported $0.02 EPS for the quarter. The company had revenue of $225.31 million during the quarter. RPC had a return on equity of 5.58% and a net margin of 3.12%. Equities analysts predict that RPC, Inc. will post 0.31 EPS for the current fiscal year.

RPC Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Monday, November 10th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, November 10th. RPC’s dividend payout ratio (DPR) is presently 69.57%.

RPC Profile

RPC, Inc, through its subsidiaries, engages provision of 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 segment offers pressure pumping, fracturing, acidizing, cementing, 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.