Zurcher Kantonalbank Zurich Cantonalbank Increases Position in RPC, Inc. (NYSE:RES)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in RPC, Inc. (NYSE:RES) by 154.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,704 shares of the oil and gas company’s stock after acquiring an additional 13,789 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in RPC were worth $165,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

Separately, Susquehanna decreased their price objective on RPC from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Friday, April 26th.

RPC Stock Down 0.8 %

RES stock opened at $6.75 on Thursday. The stock has a market capitalization of $1.45 billion, a PE ratio of 9.64 and a beta of 1.65. RPC, Inc. has a 52 week low of $6.34 and a 52 week high of $9.41. The firm has a 50 day moving average of $7.55 and a 200 day moving average of $7.39.

RPC (NYSE:RES) last posted its quarterly earnings data on Thursday, April 25th. The oil and gas company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.06). The company had revenue of $377.80 million for the quarter, compared to analyst estimates of $393.33 million. RPC had a return on equity of 15.02% and a net margin of 9.95%. The company’s quarterly revenue was down 20.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 earnings per share. On average, equities research analysts expect that RPC, Inc. will post 0.71 earnings per share for the current year.

RPC Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 10th will be paid a dividend of $0.04 per share. The ex-dividend date is Thursday, May 9th. This represents a $0.16 annualized dividend and a yield of 2.37%. RPC’s 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.