Meeder Asset Management Inc. raised its holdings in RPC, Inc. (NYSE:RES) by 192.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,394 shares of the oil and gas company’s stock after purchasing an additional 56,222 shares during the quarter. Meeder Asset Management Inc.’s holdings in RPC were worth $2,182,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also made changes to their positions in the company. Prudential Financial Inc. lifted its position in shares of RPC by 19.1% during the 3rd quarter. Prudential Financial Inc. now owns 28,660 shares of the oil and gas company’s stock valued at $711,000 after acquiring an additional 4,600 shares during the period. Wells Fargo & Company MN lifted its position in shares of RPC by 135.4% during the 3rd quarter. Wells Fargo & Company MN now owns 83,936 shares of the oil and gas company’s stock valued at $2,081,000 after acquiring an additional 48,285 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of RPC during the 3rd quarter valued at approximately $290,000. Stifel Financial Corp lifted its position in shares of RPC by 6.5% during the 3rd quarter. Stifel Financial Corp now owns 468,163 shares of the oil and gas company’s stock valued at $11,618,000 after acquiring an additional 28,488 shares during the period. Finally, Van ECK Associates Corp acquired a new stake in shares of RPC during the 3rd quarter valued at approximately $36,128,000. 37.43% of the stock is currently owned by institutional investors.
Shares of RPC, Inc. (NYSE:RES) traded up $0.36 during trading on Wednesday, hitting $18.61. The company had a trading volume of 440,460 shares, compared to its average volume of 2,568,214. RPC, Inc. has a 1 year low of $16.63 and a 1 year high of $27.07. The firm has a market cap of $4,015.50, a P/E ratio of 27.67, a P/E/G ratio of 0.63 and a beta of 0.73.
RPC (NYSE:RES) last issued its quarterly earnings data on Wednesday, January 24th. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.16). The company had revenue of $427.30 million for the quarter, compared to analyst estimates of $515.04 million. RPC had a return on equity of 17.23% and a net margin of 10.19%. The company’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.10) earnings per share. analysts expect that RPC, Inc. will post 1.64 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 9th. Shareholders of record on Friday, February 9th will be issued a $0.10 dividend. The ex-dividend date is Thursday, February 8th. This is an increase from RPC’s previous quarterly dividend of $0.07. This represents a $0.40 annualized dividend and a yield of 2.15%. RPC’s payout ratio is 53.33%.
RES has been the subject of a number of research reports. Zacks Investment Research upgraded shares of RPC from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a research report on Tuesday, October 17th. FBR & Co set a $27.00 price target on shares of RPC and gave the company a “buy” rating in a research report on Thursday, October 26th. Raymond James Financial downgraded shares of RPC from a “strong-buy” rating to an “outperform” rating in a research report on Thursday, October 26th. Citigroup downgraded shares of 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. Finally, Capital One Financial reiterated an “equal weight” rating on shares of RPC in a research report on Wednesday, October 25th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $24.75.
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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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