Van ECK Associates Corp Decreases Stake in RPC, Inc. (NYSE:RES)

Van ECK Associates Corp lessened its stake in shares of RPC, Inc. (NYSE:RES) by 18.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,231,736 shares of the oil and gas company’s stock after selling 516,059 shares during the period. Van ECK Associates Corp’s holdings in RPC were worth $14,038,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of RES. Dimensional Fund Advisors LP lifted its stake in shares of RPC by 7.9% during the second quarter. Dimensional Fund Advisors LP now owns 10,456,497 shares of the oil and gas company’s stock worth $65,353,000 after buying an additional 769,578 shares during the period. Victory Capital Management Inc. lifted its position in RPC by 48.7% during the 2nd quarter. Victory Capital Management Inc. now owns 2,004,789 shares of the oil and gas company’s stock worth $12,530,000 after acquiring an additional 656,446 shares during the period. Edgestream Partners L.P. purchased a new stake in RPC during the 2nd quarter valued at about $3,814,000. Marshall Wace LLP purchased a new position in shares of RPC in the second quarter worth about $3,349,000. Finally, American Century Companies Inc. lifted its holdings in shares of RPC by 24.1% during the second quarter. American Century Companies Inc. now owns 2,236,307 shares of the oil and gas company’s stock worth $13,977,000 after purchasing an additional 434,849 shares during the period. Institutional investors and hedge funds own 41.06% of the company’s stock.

Analyst Ratings Changes

RES has been the topic of several research reports. Susquehanna cut their price target on shares of RPC from $6.50 to $6.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Citigroup cut their price objective on shares of RPC from $6.75 to $5.25 and set a “sell” rating on the stock in a research note on Wednesday, July 10th. Finally, Stifel Nicolaus decreased their target price on shares of RPC from $8.00 to $7.00 and set a “hold” rating for the company in a research report on Friday, October 11th.

RPC Stock Performance

Shares of NYSE RES opened at $5.88 on Wednesday. The company has a market capitalization of $1.26 billion, a PE ratio of 10.50 and a beta of 1.58. The company’s fifty day moving average price is $6.34 and its 200 day moving average price is $6.48. RPC, Inc. has a 1 year low of $5.63 and a 1 year high of $8.34.

RPC (NYSE:RES) last posted its earnings results on Thursday, October 24th. The oil and gas company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The business had revenue of $337.70 million for the quarter, compared to analyst estimates of $365.33 million. RPC had a net margin of 8.07% and a return on equity of 11.36%. RPC’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business earned $0.08 earnings per share. On average, equities analysts expect that RPC, Inc. will post 0.43 EPS for the current year.

RPC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 11th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, November 8th. RPC’s payout ratio is 28.57%.

RPC Company Profile

RPC, Inc, through its subsidiaries, engages provision of 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. The company 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.