Boothbay Fund Management LLC Sells 34,241 Shares of RPC, Inc. (NYSE:RES)

Boothbay Fund Management LLC cut its holdings in shares of RPC, Inc. (NYSE:RES – Get Rating) by 53.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 30,424 shares of the oil and gas company’s stock after selling 34,241 shares during the period. Boothbay Fund Management LLC’s holdings in RPC were worth $211,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. bought a new stake in RPC during the 1st quarter valued at $193,000. Raymond James & Associates bought a new stake in RPC during the first quarter valued at about $127,000. Bank of New York Mellon Corp grew its stake in RPC by 14.6% in the first quarter. Bank of New York Mellon Corp now owns 746,489 shares of the oil and gas company’s stock valued at $7,965,000 after purchasing an additional 95,260 shares during the last quarter. Citigroup Inc. lifted its position in shares of RPC by 12.6% during the first quarter. Citigroup Inc. now owns 60,635 shares of the oil and gas company’s stock valued at $647,000 after buying an additional 6,767 shares during the last quarter. Finally, Natixis Advisors L.P. purchased a new stake in shares of RPC during the first quarter valued at about $288,000. 27.15% of the stock is owned by hedge funds and other institutional investors.

RPC Price Performance

Shares of NYSE:RES opened at $9.72 on Monday. The firm has a market capitalization of $2.11 billion, a P/E ratio of 9.62 and a beta of 1.81. The business’s 50-day moving average is $9.19 and its 200 day moving average is $8.77. RPC, Inc. has a 1 year low of $5.70 and a 1 year high of $12.91.

RPC (NYSE:RES – Get Rating) last announced its quarterly earnings data on Wednesday, January 25th. The oil and gas company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.29 by $0.12. The firm had revenue of $482.00 million during the quarter, compared to analyst estimates of $462.37 million. RPC had a net margin of 13.63% and a return on equity of 29.45%. RPC’s revenue was up 79.6% on a year-over-year basis. During the same period last year, the firm posted $0.06 EPS. On average, analysts expect that RPC, Inc. will post 1.71 EPS for the current year.

RPC Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 10th. Stockholders of record on Friday, February 10th will be issued a dividend of $0.04 per share. The ex-dividend date is Thursday, February 9th. This is a positive change from RPC’s previous quarterly dividend of $0.02. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.65%. RPC’s payout ratio is 15.84%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of RPC from a “hold” rating to a “buy” rating in a research note on Wednesday, January 18th.

About RPC

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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.