Icon Advisers Inc. Co. lifted its position in shares of RPC, Inc. (NYSE:RES) by 11.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 533,500 shares of the oil and gas company’s stock after purchasing an additional 53,200 shares during the quarter. RPC accounts for 0.9% of Icon Advisers Inc. Co.’s portfolio, making the stock its 20th largest position. Icon Advisers Inc. Co. owned approximately 0.25% of RPC worth $13,225,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of RES. The Manufacturers Life Insurance Company grew its position in shares of RPC by 7.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,514 shares of the oil and gas company’s stock valued at $132,000 after acquiring an additional 459 shares during the period. Pacer Advisors Inc. boosted its holdings in RPC by 12.0% in the 2nd quarter. Pacer Advisors Inc. now owns 11,360 shares of the oil and gas company’s stock valued at $230,000 after purchasing an additional 1,216 shares during the period. Advisory Services Network LLC boosted its holdings in RPC by 15.9% in the 2nd quarter. Advisory Services Network LLC now owns 13,028 shares of the oil and gas company’s stock valued at $263,000 after purchasing an additional 1,790 shares during the period. Northern Trust Corp boosted its holdings in RPC by 0.5% in the 2nd quarter. Northern Trust Corp now owns 369,609 shares of the oil and gas company’s stock valued at $7,470,000 after purchasing an additional 1,951 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of RPC by 12.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 21,424 shares of the oil and gas company’s stock valued at $433,000 after buying an additional 2,372 shares in the last quarter. Hedge funds and other institutional investors own 38.10% of the company’s stock.
Shares of RPC, Inc. (RES) traded up $0.09 during trading on Thursday, reaching $24.00. 529,704 shares of the company were exchanged, compared to its average volume of 1,721,783. The company has a market cap of $5,310.68, a PE ratio of 62.87, a price-to-earnings-growth ratio of 1.67 and a beta of 1.14. RPC, Inc. has a 52 week low of $16.63 and a 52 week high of $26.45.
RPC (NYSE:RES) last issued its earnings results on Wednesday, October 25th. The oil and gas company reported $0.26 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.03). The business had revenue of $471.00 million during the quarter, compared to analysts’ expectations of $474.41 million. RPC had a return on equity of 10.31% and a net margin of 6.03%. RPC’s quarterly revenue was up 167.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.18) EPS. sell-side analysts forecast that RPC, Inc. will post 0.82 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 10th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.17%. This is an increase from RPC’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, November 9th. RPC’s dividend payout ratio is presently 73.69%.
In other news, Director Amy Rollins Kreisler bought 5,000 shares of the stock in a transaction dated Friday, October 27th. The stock was purchased at an average cost of $23.21 per share, for a total transaction of $116,050.00. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at $116,050. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 73.50% of the stock is currently owned by corporate insiders.
A number of research firms recently issued reports on RES. B. Riley set a $27.00 price objective on shares of RPC and gave the stock a “buy” rating in a research report on Tuesday, November 14th. Morgan Stanley lowered shares of RPC from an “equal weight” rating to an “underweight” rating and set a $25.00 price objective on the stock. in a research note on Tuesday, November 14th. They noted that the move was a valuation call. BMO Capital Markets upped their price objective on shares of RPC from $26.00 to $29.00 and gave the stock an “outperform” rating in a report on Friday, November 10th. Zacks Investment Research downgraded shares of RPC from a “buy” rating to a “hold” rating in a report on Saturday, October 28th. Finally, Barclays set a $21.00 price objective on shares of RPC and gave the stock a “hold” rating in a report on Friday, October 27th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $24.23.
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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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