Tokio Marine Asset Management Co. Ltd. Buys 9,500 Shares of RPC, Inc. (RES)
Tokio Marine Asset Management Co. Ltd. raised its stake in shares of RPC, Inc. (NYSE:RES) by 24.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,800 shares of the oil and gas company’s stock after purchasing an additional 9,500 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in RPC were worth $1,210,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the business. Victory Capital Management Inc. raised its position in RPC by 244.9% during the third quarter. Victory Capital Management Inc. now owns 2,066,941 shares of the oil and gas company’s stock valued at $51,239,000 after purchasing an additional 1,467,661 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new stake in RPC during the third quarter valued at approximately $216,000. Calamos Advisors LLC purchased a new stake in RPC during the third quarter valued at approximately $206,000. Aperio Group LLC raised its position in RPC by 12.5% during the third quarter. Aperio Group LLC now owns 67,633 shares of the oil and gas company’s stock valued at $1,677,000 after purchasing an additional 7,535 shares during the period. Finally, First Trust Advisors LP purchased a new stake in RPC during the third quarter valued at approximately $3,815,000. Institutional investors and hedge funds own 38.13% of the company’s stock.
In other news, Director Amy Rollins Kreisler bought 5,000 shares of the business’s stock in a transaction on Friday, October 27th. The shares were bought at an average price of $23.21 per share, with a total value of $116,050.00. Following the completion of the transaction, the director now directly owns 5,000 shares in the company, valued at $116,050. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 73.50% of the stock is owned by insiders.
A number of equities research analysts have issued reports on RES shares. Citigroup Inc. downgraded RPC from a “strong-buy” rating to a “market perform” rating in a research report on Thursday, October 26th. They noted that the move was a valuation call. Credit Suisse Group downgraded RPC from an “outperform” rating to a “neutral” rating in a research report on Friday, October 13th. They noted that the move was a valuation call. Barclays PLC started coverage on RPC in a research report on Tuesday, September 5th. They set an “equal weight” rating and a $19.00 price objective on the stock. Jefferies Group LLC set a $26.00 price objective on RPC and gave the company a “buy” rating in a research report on Monday, August 28th. Finally, Deutsche Bank AG started coverage on RPC in a research report on Tuesday, October 10th. They set a “hold” rating and a $25.00 price objective on the stock. Fourteen equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. RPC currently has a consensus rating of “Hold” and a consensus price target of $23.71.
RPC (NYSE:RES) last announced its earnings results on Wednesday, October 25th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.03). The firm had revenue of $471.00 million during the quarter, compared to analysts’ expectations of $474.41 million. RPC had a net margin of 6.03% and a return on equity of 10.31%. The firm’s revenue for the quarter was up 167.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.18) EPS.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 10th will be given a $0.07 dividend. This is a positive change from RPC’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $0.28 dividend on an annualized basis and a yield of 1.11%. RPC’s payout ratio is presently 28.95%.
RPC Company Profile
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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