Intech Investment Management LLC Acquires New Position in RPC, Inc. (NYSE:RES)

Intech Investment Management LLC bought a new position in shares of RPC, Inc. (NYSE:RES) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 42,698 shares of the oil and gas company’s stock, valued at approximately $267,000.

Other hedge funds have also bought and sold shares of the company. Inspire Investing LLC grew its holdings in shares of RPC by 21.0% during the second quarter. Inspire Investing LLC now owns 55,942 shares of the oil and gas company’s stock valued at $350,000 after buying an additional 9,721 shares during the last quarter. MQS Management LLC purchased a new stake in RPC during the 2nd quarter valued at about $143,000. Hsbc Holdings PLC increased its holdings in shares of RPC by 54.9% in the second quarter. Hsbc Holdings PLC now owns 48,739 shares of the oil and gas company’s stock valued at $308,000 after purchasing an additional 17,273 shares during the period. Vanguard Personalized Indexing Management LLC raised its stake in shares of RPC by 38.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,821 shares of the oil and gas company’s stock worth $93,000 after purchasing an additional 4,136 shares during the last quarter. Finally, Edgestream Partners L.P. acquired a new stake in shares of RPC during the second quarter worth about $3,814,000. Institutional investors and hedge funds own 41.06% of the company’s stock.

RPC Trading Up 1.6 %

RPC stock opened at $6.29 on Friday. The firm has a market cap of $1.35 billion, a PE ratio of 8.99 and a beta of 1.56. The stock’s 50 day simple moving average is $6.37 and its two-hundred day simple moving average is $6.73. RPC, Inc. has a 12 month low of $5.66 and a 12 month high of $9.41.

RPC (NYSE:RES) last released its quarterly earnings results on Thursday, July 25th. The oil and gas company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.13 by $0.02. The company had revenue of $364.20 million for the quarter, compared to analyst estimates of $381.18 million. RPC had a net margin of 8.08% and a return on equity of 11.52%. The firm’s revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the business earned $0.30 earnings per share. On average, equities research analysts forecast that RPC, Inc. will post 0.56 EPS for the current year.

RPC Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Friday, August 9th were issued a $0.04 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.16 dividend on an annualized basis and a yield of 2.54%. RPC’s payout ratio is 22.86%.

Analyst Ratings Changes

Several equities analysts recently weighed in on RES shares. Stifel Nicolaus cut their price target on shares of RPC from $8.00 to $7.00 and set a “hold” rating on the stock in a report on Tuesday, July 16th. Susquehanna cut their price objective on shares of RPC from $7.00 to $6.50 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Finally, Citigroup decreased their target price on shares of RPC from $6.75 to $5.25 and set a “sell” rating for the company in a research report on Wednesday, July 10th.

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.