Versor Investments LP Buys Shares of 21,000 RPC, Inc. (NYSE:RES)

Posted by on Aug 11th, 2023

Versor Investments LP bought a new stake in RPC, Inc. (NYSE:RES – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 21,000 shares of the oil and gas company’s stock, valued at approximately $161,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Barclays PLC boosted its stake in shares of RPC by 25.5% during the 1st quarter. Barclays PLC now owns 54,959 shares of the oil and gas company’s stock worth $422,000 after acquiring an additional 11,155 shares in the last quarter. Royce & Associates LP boosted its stake in shares of RPC by 71.4% during the 1st quarter. Royce & Associates LP now owns 776,600 shares of the oil and gas company’s stock worth $5,972,000 after acquiring an additional 323,600 shares in the last quarter. Los Angeles Capital Management LLC boosted its stake in shares of RPC by 61.4% during the 1st quarter. Los Angeles Capital Management LLC now owns 362,728 shares of the oil and gas company’s stock worth $2,789,000 after acquiring an additional 137,983 shares in the last quarter. Ziegler Capital Management LLC boosted its stake in shares of RPC by 4.0% during the 1st quarter. Ziegler Capital Management LLC now owns 134,122 shares of the oil and gas company’s stock worth $1,031,000 after acquiring an additional 5,179 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. bought a new stake in shares of RPC during the 1st quarter worth about $40,000. Hedge funds and other institutional investors own 34.26% of the company’s stock.

RPC Stock Down 1.4 %

RPC stock opened at $8.32 on Friday. The business has a 50 day moving average price of $7.79 and a two-hundred day moving average price of $8.01. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of 6.16 and a beta of 1.79. RPC, Inc. has a 12 month low of $6.24 and a 12 month high of $11.40.

RPC (NYSE:RES – Get Free Report) last posted its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.13). The firm had revenue of $415.90 million during the quarter, compared to analyst estimates of $480.20 million. RPC had a net margin of 15.97% and a return on equity of 34.87%. The company’s revenue was up 10.8% on a year-over-year basis. During the same period last year, the company earned $0.22 EPS. On average, analysts expect that RPC, Inc. will post 1.18 earnings per share for the current fiscal year.

RPC declared that its Board of Directors has initiated a share 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 purchase 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Thursday, August 10th will be issued a $0.04 dividend. The ex-dividend date is Wednesday, August 9th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.92%. RPC’s payout ratio is presently 11.85%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RES. Susquehanna decreased their target price on RPC from $8.00 to $7.50 in a research note on Friday, June 2nd. Citigroup downgraded RPC from a “neutral” rating to a “sell” rating and decreased their target price for the company from $8.25 to $7.00 in a research note on Friday, June 16th. StockNews.com downgraded RPC from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Finally, TheStreet upgraded RPC from a “c+” rating to a “b” rating in a research note on Wednesday, July 26th.

Check Out Our Latest Analysis on RPC

About RPC

(Free Report)

RPC, Inc, through its subsidiaries, provides 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. It 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.

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Institutional Ownership by Quarter for RPC (NYSE:RES)

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