Mirae Asset Global Investments Co. Ltd. Increases Stake in RPC, Inc. (NYSE:RES)

Mirae Asset Global Investments Co. Ltd. grew its position in shares of RPC, Inc. (NYSE:RES) by 17.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 38,282 shares of the oil and gas company’s stock after buying an additional 5,565 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in RPC were worth $279,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of RES. Pacer Advisors Inc. raised its position in RPC by 274.1% during the 4th quarter. Pacer Advisors Inc. now owns 8,277,488 shares of the oil and gas company’s stock worth $60,260,000 after buying an additional 6,064,627 shares during the last quarter. Invesco Ltd. raised its position in RPC by 48.2% during the 3rd quarter. Invesco Ltd. now owns 1,507,687 shares of the oil and gas company’s stock worth $13,479,000 after buying an additional 490,538 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of RPC by 41.4% in the 3rd quarter. American Century Companies Inc. now owns 761,195 shares of the oil and gas company’s stock valued at $6,805,000 after purchasing an additional 222,888 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of RPC by 14.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,248,101 shares of the oil and gas company’s stock valued at $11,158,000 after purchasing an additional 161,871 shares in the last quarter. Finally, Jupiter Asset Management Ltd. increased its holdings in shares of RPC by 148.9% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 186,008 shares of the oil and gas company’s stock valued at $1,663,000 after purchasing an additional 111,273 shares in the last quarter. Hedge funds and other institutional investors own 41.06% of the company’s stock.

Analyst Ratings Changes

Separately, Susquehanna cut their price target on shares of RPC from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Friday.

RPC Stock Down 3.3 %

Shares of RES opened at $7.12 on Friday. The company has a 50-day simple moving average of $7.63 and a 200-day simple moving average of $7.51. The company has a market capitalization of $1.53 billion, a PE ratio of 10.17 and a beta of 1.60. RPC, Inc. has a 52-week low of $6.34 and a 52-week high of $9.41.

RPC (NYSE:RES) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $393.33 million. RPC had a net margin of 9.95% and a return on equity of 15.02%. RPC’s revenue was down 20.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. On average, research analysts anticipate that RPC, Inc. will post 0.88 EPS for the current year.

RPC Increases Dividend

The firm 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. This represents a $3.76 dividend on an annualized basis and a yield of 52.81%. This is a boost from RPC’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend is Thursday, May 9th. RPC’s dividend payout ratio is presently 22.86%.

RPC 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.