New York State Common Retirement Fund Increases Stake in RPC, Inc. (NYSE:RES)

New York State Common Retirement Fund increased its holdings in shares of RPC, Inc. (NYSE:RES) by 81.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 170,701 shares of the oil and gas company’s stock after purchasing an additional 76,800 shares during the quarter. New York State Common Retirement Fund owned approximately 0.08% of RPC worth $939,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. lifted its stake in RPC by 8.9% during the first quarter. Envestnet Asset Management Inc. now owns 307,133 shares of the oil and gas company’s stock worth $1,689,000 after purchasing an additional 25,221 shares during the last quarter. Principal Financial Group Inc. lifted its stake in RPC by 2.7% during the first quarter. Principal Financial Group Inc. now owns 411,491 shares of the oil and gas company’s stock worth $2,263,000 after purchasing an additional 10,805 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in RPC during the first quarter worth approximately $69,000. Exchange Traded Concepts LLC lifted its stake in RPC by 13.2% during the first quarter. Exchange Traded Concepts LLC now owns 197,075 shares of the oil and gas company’s stock worth $1,084,000 after purchasing an additional 22,921 shares during the last quarter. Finally, SummerHaven Investment Management LLC lifted its stake in RPC by 1.8% during the first quarter. SummerHaven Investment Management LLC now owns 134,642 shares of the oil and gas company’s stock worth $741,000 after purchasing an additional 2,346 shares during the last quarter. Hedge funds and other institutional investors own 41.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RES. Stifel Nicolaus decreased their target price on RPC from $6.00 to $5.00 and set a “hold” rating for the company in a research note on Wednesday, July 16th. Piper Sandler set a $5.00 price target on RPC and gave the stock an “underweight” rating in a research report on Monday, July 14th. Susquehanna cut their price target on RPC from $5.50 to $5.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Citigroup raised RPC from a “sell” rating to a “neutral” rating and cut their price target for the stock from $5.50 to $4.75 in a research report on Tuesday, April 8th.

RPC Trading Down 0.3%

RES opened at $4.80 on Friday. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 18.44 and a beta of 0.85. RPC, Inc. has a 52 week low of $4.10 and a 52 week high of $7.53. The business’s 50 day moving average is $4.84 and its two-hundred day moving average is $5.30. The company has a quick ratio of 4.18, a current ratio of 2.64 and a debt-to-equity ratio of 0.03.

RPC (NYSE:RES) last released its earnings results on Thursday, July 24th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $420.81 million during the quarter, compared to analyst estimates of $421.08 million. RPC had a net margin of 3.77% and a return on equity of 5.65%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.15 EPS. On average, research analysts predict that RPC, Inc. will post 0.31 EPS for the current year.

RPC Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 11th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend is Monday, August 11th. RPC’s payout ratio is currently 61.54%.

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.