Jennison Associates LLC Decreases Position in RPC, Inc. (NYSE:RES)

Jennison Associates LLC cut its stake in shares of RPC, Inc. (NYSE:RES) by 7.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,162 shares of the oil and gas company’s stock after selling 7,315 shares during the period. Jennison Associates LLC’s holdings in RPC were worth $693,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RES. SG Americas Securities LLC purchased a new stake in RPC during the third quarter valued at approximately $455,000. Exchange Traded Concepts LLC purchased a new stake in RPC during the third quarter valued at approximately $793,000. Raymond James Financial Services Advisors Inc. purchased a new stake in RPC during the third quarter valued at approximately $95,000. GW Henssler & Associates Ltd. purchased a new stake in RPC during the third quarter valued at approximately $175,000. Finally, Inspire Investing LLC purchased a new stake in RPC during the third quarter valued at approximately $308,000. 41.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Susquehanna cut their target price on RPC from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Friday.

RPC Stock Performance

RES opened at $7.12 on Friday. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 10.17 and a beta of 1.60. The stock’s 50 day moving average price is $7.63 and its 200-day moving average price is $7.51. RPC, Inc. has a one year low of $6.34 and a one year high of $9.41.

RPC (NYSE:RES) last released its earnings results on Thursday, April 25th. The oil and gas company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). The business had revenue of $377.80 million for the quarter, compared to the consensus estimate of $393.33 million. RPC had a net margin of 9.95% and a return on equity of 15.02%. The company’s quarterly revenue was down 20.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.39 EPS. As a group, analysts predict that RPC, Inc. will post 0.88 earnings per share for the current fiscal year.

RPC Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 10th will be paid a $0.94 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $3.76 annualized dividend and a yield of 52.81%. This is a boost from RPC’s previous quarterly dividend of $0.04. RPC’s dividend payout ratio is 22.86%.

About RPC

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.