Dimensional Fund Advisors LP Sells 415,759 Shares of RPC, Inc. (NYSE:RES)

Posted by on May 30th, 2023

Dimensional Fund Advisors LP reduced its holdings in shares of RPC, Inc. (NYSE:RES – Get Rating) by 7.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 5,050,613 shares of the oil and gas company’s stock after selling 415,759 shares during the period. Dimensional Fund Advisors LP owned about 2.33% of RPC worth $44,899,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of RES. Public Employees Retirement System of Ohio lifted its stake in shares of RPC by 54.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,565 shares of the oil and gas company’s stock worth $32,000 after acquiring an additional 1,605 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of RPC by 160.0% during the 3rd quarter. IFP Advisors Inc now owns 2,600 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 1,600 shares during the last quarter. Teachers Retirement System of The State of Kentucky bought a new stake in RPC during the 3rd quarter valued at $50,000. Moors & Cabot Inc. bought a new stake in RPC during the 4th quarter valued at $51,000. Finally, Point72 Hong Kong Ltd bought a new stake in RPC during the 2nd quarter valued at $51,000. 27.15% of the stock is owned by institutional investors.

RPC Trading Down 0.8 %

RES opened at $7.09 on Tuesday. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 5.58 and a beta of 1.77. RPC, Inc. has a 12 month low of $5.70 and a 12 month high of $11.40. The stock has a fifty day moving average price of $7.46 and a 200-day moving average price of $8.48.

RPC (NYSE:RES – Get Rating) last released its quarterly 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 company had revenue of $476.70 million during the quarter, compared to the consensus estimate of $488.57 million. RPC had a return on equity of 35.56% and a net margin of 15.32%. The company’s revenue was up 67.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.07 earnings per share. On average, equities research analysts forecast that RPC, Inc. will post 1.71 EPS for the current year.

RPC declared that its board has approved a stock buyback program on Wednesday, April 26th that authorizes the company to repurchase 8,000,000 shares. This repurchase authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

RPC Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Stockholders of record on Wednesday, May 10th will be given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Tuesday, May 9th. RPC’s payout ratio is 12.60%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RES shares. Citigroup decreased their target price on RPC from $8.50 to $8.25 in a research report on Tuesday, May 2nd. Susquehanna decreased their target price on RPC from $10.50 to $8.50 in a research report on Monday, April 3rd. Finally, StockNews.com started coverage on RPC in a research report on Thursday, May 18th. They set a “buy” rating for the company.

RPC Company Profile

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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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Institutional Ownership by Quarter for RPC (NYSE:RES)

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