Moors & Cabot Inc. bought a new position in RPC, Inc. (NYSE:RES – Get Rating) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 11,300 shares of the oil and gas company’s stock, valued at approximately $51,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio grew its position in shares of RPC by 54.2% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,565 shares of the oil and gas company’s stock valued at $32,000 after buying an additional 1,605 shares during the last quarter. IFP Advisors Inc grew its position in shares of RPC by 160.0% in the 3rd quarter. IFP Advisors Inc now owns 2,600 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 1,600 shares during the last quarter. Teachers Retirement System of The State of Kentucky bought a new stake in shares of RPC in the 3rd quarter valued at about $50,000. Point72 Hong Kong Ltd bought a new stake in shares of RPC in the 2nd quarter valued at about $51,000. Finally, Royal Bank of Canada grew its position in shares of RPC by 2,200.9% in the 3rd quarter. Royal Bank of Canada now owns 10,009 shares of the oil and gas company’s stock valued at $69,000 after buying an additional 9,574 shares during the last quarter. Institutional investors and hedge funds own 27.15% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on RES shares. Citigroup reduced their price target on RPC from $8.50 to $8.25 in a research report on Tuesday. Susquehanna cut their target price on RPC from $10.50 to $8.50 in a research report on Monday, April 3rd. Finally, StockNews.com upgraded RPC from a “hold” rating to a “buy” rating in a research report on Friday.
RPC Price Performance
RPC (NYSE:RES – Get Rating) last announced its earnings results on Wednesday, April 26th. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.02). The business had revenue of $476.70 million for the quarter, compared to the consensus estimate of $488.57 million. RPC had a net margin of 15.32% and a return on equity of 35.56%. The firm’s revenue for the quarter was up 67.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.07 EPS. On average, sell-side analysts expect that RPC, Inc. will post 1.71 EPS for the current fiscal year.
RPC Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Shareholders of record on Wednesday, May 10th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Tuesday, May 9th. This represents a $0.16 annualized dividend and a yield of 2.29%. RPC’s payout ratio is currently 12.60%.
RPC declared that its Board of Directors has initiated a stock repurchase program on Wednesday, April 26th that permits the company to repurchase 8,000,000 outstanding shares. This repurchase authorization permits the oil and gas company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
RPC Company Profile
RPC, Inc engages in the exploration, production and development of oil and gas properties. It operates through the following segments: Technical Services and Support Services. The Technical Services segment provides oil and gas, fracturing, acidizing, coiled tubing, snubbing, nitrogen, well control, wireline and fishing services.
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