Allspring Global Investments Holdings LLC Decreases Stake in RPC, Inc. (NYSE:RES)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of RPC, Inc. (NYSE:RES) by 46.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,307 shares of the oil and gas company’s stock after selling 10,594 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in RPC were worth $90,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of RES. International Assets Investment Management LLC grew its stake in RPC by 632.1% during the 4th quarter. International Assets Investment Management LLC now owns 5,125 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 4,425 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of RPC during the third quarter worth approximately $95,000. WT Wealth Management bought a new stake in shares of RPC in the third quarter worth $98,000. QRG Capital Management Inc. acquired a new stake in RPC in the third quarter valued at $150,000. Finally, AXQ Capital LP acquired a new position in RPC during the 3rd quarter worth $171,000. Institutional investors and hedge funds own 41.06% of the company’s stock.

RPC Stock Performance

Shares of NYSE:RES opened at $7.12 on Tuesday. The company’s fifty day moving average is $7.63 and its two-hundred day moving average is $7.49. RPC, Inc. has a 1-year low of $6.34 and a 1-year high of $9.41. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 10.17 and a beta of 1.60.

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

RPC Increases Dividend

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

Analysts Set New Price Targets

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

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.