Principal Financial Group Inc. Purchases 10,805 Shares of RPC, Inc. (NYSE:RES)

Principal Financial Group Inc. raised its position in shares of RPC, Inc. (NYSE:RES) by 2.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 411,491 shares of the oil and gas company’s stock after acquiring an additional 10,805 shares during the period. Principal Financial Group Inc. owned approximately 0.19% of RPC worth $2,263,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in RES. ExodusPoint Capital Management LP bought a new position in RPC during the fourth quarter worth about $3,632,000. First Trust Advisors LP increased its holdings in shares of RPC by 690.7% in the fourth quarter. First Trust Advisors LP now owns 657,981 shares of the oil and gas company’s stock valued at $3,908,000 after purchasing an additional 574,765 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of RPC by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,620,598 shares of the oil and gas company’s stock valued at $69,025,000 after purchasing an additional 459,700 shares in the last quarter. American Century Companies Inc. grew its holdings in RPC by 11.2% during the 4th quarter. American Century Companies Inc. now owns 3,039,581 shares of the oil and gas company’s stock worth $18,055,000 after acquiring an additional 306,976 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in RPC during the 4th quarter worth $1,596,000. Institutional investors own 41.06% of the company’s stock.

RPC Stock Performance

Shares of RES opened at $4.77 on Friday. RPC, Inc. has a 52 week low of $4.10 and a 52 week high of $7.54. The firm has a market cap of $1.05 billion, a P/E ratio of 13.25 and a beta of 0.85. The firm’s 50-day simple moving average is $4.85 and its 200 day simple moving average is $5.35.

RPC (NYSE:RES) last posted its quarterly earnings data on Thursday, April 24th. The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). RPC had a net margin of 5.55% and a return on equity of 7.08%. The business had revenue of $332.88 million during the quarter, compared to the consensus estimate of $326.72 million. During the same period in the prior year, the firm earned $0.13 EPS. The business’s revenue for the quarter was down 11.9% on a year-over-year basis. As a group, equities analysts forecast that RPC, Inc. will post 0.31 earnings per share for the current year.

RPC Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 9th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 3.35%. The ex-dividend date was Friday, May 9th. RPC’s payout ratio is 44.44%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RES. Citigroup raised shares of RPC from a “sell” rating to a “neutral” rating and reduced their price target for the stock from $5.50 to $4.75 in a research report on Tuesday, April 8th. Susquehanna lowered their price target on shares of RPC from $6.00 to $5.50 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Piper Sandler set a $5.00 price target on shares of RPC and gave the company an “underweight” rating in a research note on Monday. Finally, Stifel Nicolaus lowered their price objective on shares of RPC from $6.00 to $5.00 and set a “hold” rating on the stock in a research note on Wednesday.

RPC Company 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.